OCBC Bank gets green light to open branch in Myanmar

OCBC Bank has been given the green light to open a branch in Myanmar, one of the first three foreign banks to enter the fast-emerging market. -- PHOTO: REUTERS
OCBC Bank has been given the green light to open a branch in Myanmar, one of the first three foreign banks to enter the fast-emerging market. -- PHOTO: REUTERS

SINGAPORE - OCBC Bank has been given the green light to open a branch in Myanmar, and it will be one of the first three foreign banks to enter the fast-emerging market.

The other two are Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corporation.

OCBC said in a release that it received the final regulatory approval from the Central Bank of Myanmar on Thursday, and will commence operations from branch in Yangon on April 23. 

The OCBC Yangon branch is housed in the Union Financial Centre, at the corner of Mahabandoola Road and Thein Phyu Road in Central Yangon.

It will offer a full range of banking services to foreign companies and joint ventures, as well as domestic banks in Myanmar.

Customers will be able to open current and savings accounts in three denominations - the Myanmar kyat, the United States dollar and the Singapore dollar - and take out loans and apply for trade and foreign exchange facilities.

OCBC will also be among the first foreign banks to offer internet banking facilities to corporate customers in Myanmar. 

A total of nine banks from Singapore - including United Overseas Bank (UOB) - Malaysia, Thailand, China, Japan and Australia had been awarded provisional banking licences earlier in October last year.