ANZ has received final regulatory approval from Myanmar’s central bank for the opening of a branch in Yangon .
The decision clears the way for ANZ to open its office in Myanmar’s largest city on October 2.
The new office will service multinational and joint venture companies with a presence in Myanmar, as well as international companies looking to enter Myanmar from ANZ’s network countries.
“It will offer specialist banking services for natural resources, utilities and infrastructure, telecommunication, consumer goods and other global diversified sectors that are expanding in Myanmar,” the lender said.
ANZ’s chief executive of international and institutional banking Andrew Géczy said the approval was the final step in the group’s plans to deepen its presence in the Greater Mekong region, following the recent branch opening in Thailand.
“We can draw on our strengths in natural resources, infrastructure and agriculture – which match those of Myanmar – to connect global customers with the significant growth opportunities in this region,” he said.
“We expect closer ASEAN economic integration will also help grow Myanmar’s role as a manufacturing hub.
“As one of the only international banks with a presence in all five Greater Mekong countries, ANZ is uniquely placed to play a leading role for customers wanting to enter Myanmar.”
Source: Business Spectator