Maybank sets foot, starts operations in Myanmar
Maybank, South East Asia's fourth-largest bank by assets, marked another milestone recently when it became the first and only Malaysian bank to open a branch in Myanmar. According to a release from Maybank, the recent opening of the branch follows the granting of the final license to commence operations from the Central Bank of Myanmar to Maybank. The Central Bank had on 1 October 2014 awarded a banking licence to Maybank as part of its move to liberalise the banking sector in the country.
The Maybank Yangon branch has a registered capital of USD75 million and will operate with a team comprising of mainly Myanmar nationals. Located in the commercial district of Yangon, the new branch will strengthen the Group's international footprint which comprises some 2,400 offices in 20 countries worldwide, including all 10 ASEAN nations.
The opening of the branch was officiated by the Myanmar Central Bank Governor, H.E. U Kyaw Kyaw Maung and Chief Minister of Yangon Division, H.E. U Myint Swe, together with the Malaysian Ambassador to Myanmar, H.E. Mohd Hanif Abd Rahman and Maybank Group Chief Strategy Officer, Michael Foong.