Defying the Pandemic Cathay United Bank Yangon Branch Officially Opens

The Yangon Branch of Cathay United Bank (the Bank) was granted preliminary approval by the Central Bank of Myanmar in April 2020, President Alan Lee said “This year, despite the impact of the COVID- 19 pandemics, we have successfully established the Yangon Branch with the efforts of our colleagues in Myanmar and Taiwan and the spirit of “One Team”.

We hope to continue to contribute to Myanmar in the future.” Successful Opening Despite Severe Pandemic Since 2010, when the economic and political reforms were initiated and the country was opened to foreign direct investment, Myanmar’s economy has grown rapidly, with an average GDP growth rate of over 6% from 2016. In 2014, the Bank established a representative office in Yangon, the commercial capital of Myanmar. By deeply cultivating the local market, grasping business dynamics, and building a network of relationships over the past 6 years, the Bank has planted the seed of success for the Yangon Branch.

Myanmar has been hit hard by COVID-19 with over 120,000 confirmed cases by the end of 2020. Despite the challenges posed by the pandemic during the preparation phase, the Bank is able to open its branch within 9 months of approval through the efforts of supervisors and staff in Myanmar, supported by remote technology from the HO. The Yangon branch will focus on corporate banking business, provide deposits, remittances, corporate loans, syndicated loans, project finance, trade finance and other financial services in local currency and USD, target local medium & large
enterprises and Taiwanese enterprises, and assiduously participate in infrastructure and economic development projects. With a strong presence in Greater China and Southeast Asia, combined with the expertise and passion of our professionals, the Bank expects to provide quality, complete, and comprehensive cross-border financial services, creating a win-win scenario for both customers and the Bank.

The Bank takes on the vision of CFH and further integrates the ASEAN region and Greater China to serve customers
As a leading private bank in Taiwan, the Bank has been actively developing the Greater China and ASEAN regions with the complete resources of CFH’s subsidiaries such as life insurance, P&C, securities, and securities investment trust. Following the opening of CUB China in 2018 and the Yangon Branch this year, the Bank now has 67 overseas offices in 11 countries and regions, including China, Hong Kong, Singapore, Malaysia, Vietnam, Thailand, the Philippines, Myanmar, Laos, Cambodia, and Indonesia, making it the Taiwanese-owned private bank with the largest number of offices in two major economic and trade regions.

In the future, the Bank hopes to continue to innovate and move forward with the spirit of “What if We Could”, acting as the best financial partner for customers. We aim to accompany our customers to deepen their business in Taiwan, establish an international foothold, and move towards the goal of being the best financial institution in the Asia Pacific region.

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Source: Myanmar Time

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