May­bank sets foot, starts oper­a­tions in Myan­mar

The Pak Banker - - COMPANIES/BOSS -

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.

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