OCBC Bank is one of the first three foreign banks to receive final approval to open a branch in Myanmar, and will offer corporate internet banking in the country.
SINGAPORE: OCBC Bank is one of the first three foreign banks to have received final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar, the bank announced in a news release on Thursday (Apr 2).
The approval follows the award of provisional banking licenses on Oct 1, 2014 to nine foreign banks, including Singapore’s UOB.
OCBC’s Yangon branch will start operations on Apr 23. It will offer banking services such as cash management, project financing, and trade finance. It will also offer treasury and capital markets advisory and services to foreign companies and joint ventures, as well as domestic banks in Myanmar.
Customers will be able to open current and savings accounts denominated in Myanmar Kyat, US Dollar and Singapore Dollar, take up loans and apply for trade and foreign exchange facilities.
OCBC said it will be among the first foreign banks to offer internet banking facilities to corporate customers in Myanmar.
The new OCBC Yangon Branch has a registered capital of US$75 million (S$102 million) and is staffed with over 20 employees, more than half of whom are Myanmar nationals.
OCBC has had a presence in Myanmar for six decades, having first operated as a branch there from 1923 to 1963, and subsequently as a representative office in Yangon for the past 20 years.
Mr Linus Goh, Head of Global Commercial Banking at OCBC said the return of its branch is a
“significant addition” to the bank’s regional footprint, because of strong interest in Myanmar from customers across Southeast Asia and Greater China.
“In the past 18 months, we have seen a 40% increase in the number of our customers going overseas, and resource-rich Myanmar has become an attractive investment destination for our regional customers, especially with the impending launch of the ASEAN Economic Community in December 2015.”
Source: Channel News Asia