Japan bank opening account in Burma

Japanese multinational Sumitomo Mitsui Banking Corporation (SMBC) will be opening its first branch in Burma this year, offering deposit and lending services for businesses operating in the country. With growth estimates of 7.75 percent for Burma’s economy for 2015, SMBC said it will offer cash management services to meet growing demands for financial services. A recent UN survey revealed only 4 percent of Burma’s citizens had savings accounts and less than 20 percent had access to banking services.