Local lender Kanbawza Bank Ltd (KBZ) has signed a memorandum of understanding (MoU) with Taiwan’s Cathay United Bank (CUB) in a bid to promote collaboration between the two banks in a number of areas.
The two banks will collaborate closer in areas including international banking services, technical assistance, staff training, interbank business, syndication loans and customer matching.
Since the liberalisation of Myanmar Economy, KBZ has been expanding rapidly in international business. The new deal with CUB, the largest bank in Taiwan, is expected to allow KBZ to strengthen its operation.
KBZ and CUB had already executed the first bilateral offshore loan in Myanmar worth $80 million to finance local SMEs.
The new alliance will cater to the needs of CUB’s corporate customers who are exploring various opportunities in Myanmar, KBZ said in a statement.
KBZ said that through this alliance it aims to become “the bank of choice for Taiwanese businesses” and facilitate more businesses between Myanmar and Taiwan.
Source: Myanmar Business Today