Shell Lubricants targets 15pc market share

Shell Lubricants entered Myanmar in 2013 and now has a 5pc share in the market, said Troy Chapman, executive director for Southeast Asia lubricants, on October 10. Shell has over 70 years of experience in the lubricants industry and a presence in over 100 countries. In Myanmar the company is working with Que Holdings, a […]

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC Insurance Business Supervision Committee (IBSC) will be the only granted foreign insurance company which meets their standardizations to work in Thilawa Kyaukpyu and Dawei special economic zones, according to its committee. The committee said they will announce the profile of companies […]

OCBC builds anew with 60 years’ history

Singapore’s OCBC Bank has 60 years of experience banking in Myanmar as it looks to build its presence following its licence win last month. Tan Chor Sen, OCBC’s international head, said having a Myanmar branch is important as the country is the next up-and-coming destination for business in the region. “We are possibly the only […]

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 […]

Bank Negara Indonesia to open representative office in Myanmar

State lender Bank Negara Indonesia (BNI) is due to open its first-ever representative office in Myanmar in November to facilitate the expansion of fellow state-owned enterprises (SOEs) in the neighboring country. According to the deputy general manager of BNI’s international division, Rahmad Hidayat, the bank will submit a proposal to Myanmar’s central bank next week. […]

Bangkok Bank Pledges to Bring Thai Investors to Myanmar

YANGON — Thailand’s Bangkok Bank, one of 25 foreign institutions awaiting permission to operate in Myanmar, has said it will bring more Thai investors into the country. One of Thailand’s four largest banks, Bangkok Bank has had a representative office in Yangon since 1994. Speaking in Yangon on Friday, Bangkok Bank Executive Vice President Chaiyarit […]

ANZ faces Myanmar bank hurdles

THE ANZ Banking Group is bidding for a banking licence in Myanmar but faces major challenges in doing so. UP to 40 institutions are lining up to open offices in the country, even as the central bank is set to impose tough operational restrictions. Myanmar is undergoing major economic reforms and liberalisation in the process […]

Mitsubishi helping Myanmar fix waterworks in privatization bet

YANGON — Feeling confident that Myanmar will eventually privatize its water sector, Japanese trading house Mitsubishi corp. is helping local governments there improve their water infrastructure and management. The water services market there is a potentially lucrative one, and the company is hoping its investment now will give it a leg up on rivals once […]

Slow entry of foreign banks hinders small and medium enterprises

As foreign banks are not yet permitted to offer full services in Myanmar and confined to run representative offices, local small and medium enterprises are facing hardship. Some of the SME businessmen said that they have to brace for more expenses and time in running their businesses, including money transactions with foreign countries, and that […]

Great Eastern pioneers SEA’s Life Insurance in Myanmar

YANGON: Great Eastern Life has set up its first representative office in Yangon, Myanmar. The Singapore-based insurance company is the first Southeast Asian life insurer to grant the permit for establishing a representative office by the Directorate of Investment and Company Administration of Myanmar. “These are extraordinary times for Myanmar, as the country’s economy continues […]