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NH Nonghyup Bank Obtains Approval to Set up Yangon Office in Myanmar

NH NongHyup Bank said on July 6 that it obtained final approval from Myanmar’s central bank for the establishment of its Yangon office on June 29. The approval came out about 10 months after the bank submitted an application in August 2019.

NH NongHyup Bank established Nonghyeop Finance Myanmar, a micro finance institution (MFI) in Myanmar, in 2016, and has secured a foothold for the establishment of a bank by obtaining approval for opening an office this time.

NH NongHyup Bank’s Yangon office will carry out tasks such as building an organic network with Myanmar’s financial authorities, monitoring financial trends and establishing a pre-sale base to advance into the banking industry in Myanmar.

The Korean lender has appointed a native person as the head of the office in a move to optimize its system for Myanmar’s financial environment and take roots in Myanmar.

In particular, NH NongHyup Bank plans to actively promote projects that will create synergy with other Nonghyup affiliates that will enter the Myanmar market as well as with Nonghyup Finance Myanmar, which is being separately operated in Myanmar.

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Source : Bangkok Post

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