Maybank Opens First Malaysian Bank Branch In Myanmmar

KUALA LUMPUR, Aug 3 (Bernama) -- Maybank, Southeast Asia's fourth-largest bank by assets, has opened its first branch in Myanmar on Monday after the final licence to commence operations from the Central Bank of Myanmar was granted last week. The branch opening marked another milestone for the bank as it became the first and only Malaysian bank to open a branch in Myanmar, Maybank said in a statement Monday. "The Maybank Yangon branch has a registered capital of US$75 million (RM288.98 million) and will operate with a team comprising of mainly Myanmar nationals," it said. Maybank said the branch would serve wholesale and corporate clients as well as domestic banks in Myanmar with a range of services such as deposit accounts, working capital financing, cash management, treasury and capital market solutions. In particular, it would leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas to cater to Myanmar’s immediate needs, Maybank said. Maybank Group Chief Strategy Officer, Michael Foong, said with the foreign banking licence, the bank will now be able to play a bigger role in Myanmar and participate in previously restricted financial services, including providing loans to foreign companies as well as domestic banks. "We intend to build strong partnerships with domestic banks in the areas of international trade, interbank and capital markets, as well as draw on our regional assets and capabilities to help leapfrog Myanmar's growth in the region," he added. --BERNAMA