Two regional banks in the Kinki region will open yuan accounts with the Chinese subsidiary of Bank of Tokyo-Mitsubishi UFJ so they can offer yuan-based settlement services to companies operating in China, industry sources said.
Shiga Bank, based in Otsu, Shiga Prefecture, and Senshu Ikeda Bank, based in the city of Osaka, are aiming to enhance their services with the help of the major bank to cope with Japanese companies' growing business in China.
The latest move will enable Bank of Tokyo-Mitsubishi UFJ's Chinese subsidiary to boost its deposits. It will be the first time for regional banks to open yuan accounts with the subsidiary.