KUALA LUMPUR: Malayan Banking Bhd (Maybank) has been granted a foreign banking licence by the Central Bank of Myanmar, making it the first Malaysian bank to open a branch office in Myanmar.
With the licence, Maybank will be able to provide loans to foreign companies as well as domestic banks.
Maybank group president and chief executive officer Datuk Abdul Farid Alias said it is positive on Myanmar’s economic outlook and intends to help the country’s growth by leveraging Maybank’s extensive network in Southeast Asia.
“Moving forward, we hope to facilitate greater cross-border trade between Myanmar and our core markets as well as Greater Mekong Subregion, particularly in Yunnan upon the opening of our third China branch in Kunming,” he said in a statement yesterday.
Maybank opened its first representative office in Yangon, Myanmar in 1994, providing liaison and advisory services. It was also the first Malaysian bank to establish a Myanmar-Malaysia remittance service through the implementation of Maybank Money Express in 2012.
Maybank is reportedly one of nine foreign banks, including three Japanese lenders and Australia’s ANZ, to be granted approval to operate on a limited basis in Myanmar. The bidding process was open to around 40 international banks with representative offices in the country and 25 applied, reported Reuters.
This article first appeared in The Edge Financial Daily, on October 2, 2014.