ANZ Gets Myanmar Banking Licence

Australian bank ANZ announced it has received the final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar, paving the way for the official opening of its Yangon office on 2 October 2015.

Other recent licence winners include Thailand's Bangkok Bank Public Co., Industrial & Commercial Bank of China Ltd., Malayan Banking Bhd., and two Singapore banks, United Overseas Bank Ltd. and Overseas Chinese Banking Corp. Japanese banks Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp. and Mizuho Bank Ltd also won licences

ANZ will service multinational and joint venture companies with a presence in Myanmar from the new branch, as well as international companies looking to enter Myanmar from ANZ’s network countries. It will offer specialist banking services for natural resources, utilities and infrastructure, telecommunication, consumer goods and other global diversified sectors that are expanding in Myanmar.

ANZ CEO for International and Institutional Banking Andrew Géczy, said: “This licence approval is a final step in our plans to deepen our presence in the Greater Mekong, following the recent branch opening in Thailand. We can draw on our strengths in natural resources, infrastructure and agriculture – which match those of Myanmar – to connect global customers with the significant growth opportunities in this region. “We expect closer ASEAN economic integration will also help grow Myanmar’s role as a manufacturing hub. As one of the only international banks with a presence in all five Greater Mekong countries, ANZ is uniquely placed to play a leading role for customers wanting to enter Myanmar,” Mr Géczy said.

ANZ Myanmar CEO Rajesh Ahuja said: “Having established a presence as a representative office more than two years ago we have strong understanding of the local market environment. We look forward to offering our clients international standard-banking services and improving their ability to operate and grow in Myanmar.”

The new branch is located in the heart of Yangon, Myanmar’s largest city. As the only Australian bank with both local and foreign currency capabilities in corporate banking, ANZ is well positioned to support increasing financial needs and growing business opportunities across the country.

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