Bank of Tokyo-Mitsubishi is set to boost its operations in Central and Eastern Europe amid expectations that a growing number of Japanese companies will invest in the region following last week's entry of 10 nations into the European Union.
The bank expects its lending and other services -- including foreign-exchange transactions -- in new EU member states in Central and Eastern Europe to double in 2004 from 2003 levels, according to Kurando Ogi, senior manager of the bank's international business division.
"Japanese investments in the region are expected to grow in coming years, now that companies are stepping up the realignment of their European-wide production system while taking into account the advantages of the new EU members, such as their competitive but inexpensive labor," Ogi said after the European Union expanded into a 25-nation bloc.