Bank of Tokyo-Mitsubishi UFJ expands footprint through MOU with Bancolombia

Thursday, March 3, 2011

The Bank of Tokyo-Mitsubishi UFJ (BTMU), Japan's biggest bank, continues extending its reach in Latin America as it has signed an MOU with Colombia's largest bank, Bancolombia (NYSE: CIB), to explore opportunities for business collaboration.

The agreement will allow Bancolombia to offer foreign trade finance to its customers, support them in co-financing long-term projects, help them obtain loans through credit export agencies and search for Asian investors for specific projects, especially in infrastructure, the Colombian bank said in a press release.

For its part, the Japanese bank said it expects to enhance its business presence in the region through teaming up with Bancolombia, improving its ability to serve the interests of Colombia's business community.

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The Andean region is a key element of the bank's strategy for the Americas region, BTMU said in a press release. The bank is expected to begin operating in the Peruvian market in December, where it was present in the 1990s through Banco de Tokio.

BTMU has a global network spanning more than 40 countries. In the Americas, it has offices throughout the US, Canada, Central and South America where it serves mainly corporate clients.