October 23, 2013
THE ASAHI SHIMBUN
Sumitomo Mitsui Banking Corp. has become the first Japanese bank to open an office in the central Asian nation of Mongolia, opening a representative office in Ulaanbaatar, the landlocked nation’s capital, on Oct. 23.
Mongolia is becoming more attractive for foreign business interests due to the double-digit economic growth it has experienced by making the most of its abundant natural resources, such as copper and coal, SMBC said.
Development Bank of Mongolia, Mongolia’s only government-operated bank and Khan Bank, Mongolia’s largest private bank, already have business ties with SMBC.
SMBC also sees growth in Mongolia’s underdeveloped energy sector. The bank along with Hitachi Ltd. and the Mongolia Ministry of Energy have executed a business alliance agreement to jointly develop an electrical transmission and distribution network in Mongolia.