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AIA gets approval to open representative office in Myanmar

Published on Feb 27, 2013 9:29 AM
 
Signage adornes the American International Assurance (AIA) building in Hong Kong on Dec 18, 2012. Asia's No. 3 insurer, AIA Group Ltd, said on Wednesday that it has received provisional approval to open a representative office in Myanmar. -- FILE PHOTO: AFP

HONG KONG (REUTERS) - Asia's No. 3 insurer, AIA Group Ltd, said on Wednesday that it has received provisional approval to open a representative office in Myanmar.

Chief Executive Mark Tucker told reporters on a conference call after its earnings on Wednesday that it planned to open the office later this year.

Foreign companies would not be allowed to conduct business in Myanmar until around 2015, Mr Tucker said, adding that he does not expect Myanmar operations to become material for at least 5 to 10 years.