Bank of Tokyo-Mitsubishi UFJ, the Japanese bank, has signed a memorandum of understanding with Myanmar-based CB Bank to establish a business alliance.

The partnership is meant to help BTMU in supporting foreign companies entering Myanmar and to provide technical assistance to CB Bank in areas such as trade finance and foreign exchange.

CB Bank was created in 1992 and received its license to conduct foreign exchange operations in December 2011. It also launched its first ATM cash withdrawal service to cater to MasterCard and Visa credit cards in November 2012.

Bank of Tokyo-Mitsubishi UFJ has had an office in Rangoon since 1954 and has acted as agent bank for the Japanese government's ODA yen loans and grant aid to Myanmar.