ANZ’s Yangon branch wins approval

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 […]

KBZ plans Singapore, Thailand representative offices

KBZ, the largest domestic private bank, plans to open representative offices in Thailand and Singapore by October, according to KBZ senior managing director U Than Cho. The bank is holding discussions with authorities and working on submitting the necessary documents, he said. “We are urgently trying to open them. It looks like [the Singapore office] […]

Bangkok Bank injects $200 million into its Yangon branch

Bangkok Bank demonstrated its optimism in Myanmar’s economic potential through the injection of US$200 million (Bt6.75 billion) into its Yangon branch, a bigger sum than what was brought in by the four foreign banks that have already opened branches here. “This will help us service our customers further, not only in terms of funding but […]

ANZ and Woodside lead the investment in Myanmar

It’s closing in on midnight when our taxi pulls up outside a run-down apartment block on the edge of central business district of Myanmar’s commercial hub and former capital Yangon. The attendant lounging on a chair out front, shows us up a short flight of stairs to the entrance; down the end of the corridor, […]

Myanmar will recoup lost decades in next five years: ANZ

Myanmar could experience five decades of economic catch-up over the next five years, as the country opens to foreign direct investment in its infrastructure and a significant regional manufacturing base is established, according to a new report by ANZ. The report titled ‘Myanmar – Asia’s Uncut Gem’ predicts annual GDP growth as high as 10 […]

Myanmar Approval for ANZ Shows Institutional Banking Hunt

Myanmar’s regulators, in granting bank licenses to nine foreign lenders yesterday, sought companies that could lure investment to a nation emerging from five decades of economic isolation. The 25 banks that applied for licenses were expected to engage in institutional banking to facilitate the entry of foreign investors, said Andrew Geczy, Australia & New Zealand […]

Myanmar tells Australia it’s open for business

Myanmar has extended the welcome mat and the world is beating a path its door. But not many companies from Australia are joining the rush. Glenn Robinson, the Chairman of the Australia-Myanmar Chamber of Commerce, is with the largest commercial delegation to yet visit Myanmar from Australia. He says even Australian mining companies which are […]

Myanmar Firms Feel Pinch From Abroad

YANGON, Myanmar—The world’s biggest consumer companies are flocking to Myanmar, filling the once-pariah nation and its backward economy with goods previously unavailable to its 60 million people. But not everyone is happy. Some of the country’s biggest conglomerates—plugging away at the cash-strapped market for decades and fighting hard to grow despite crippling Western sanctions—are now […]