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Malaysia's Maybank opens 1st Malaysian bank branch in Myanmar Malaysia's Maybank opens 1st Malaysian bank branch in Myanmar

Malaysia’s Maybank opens 1st Malaysian bank branch in Myanmar

Malaysia’s Maybank opens 1st Malaysian bank branch in Myanmar

 
Malayan Banking Bhd (Maybank), Malaysia’s largest bank by assets, said on Monday, has opened the first Malaysian banking branch in Myanmar today, as the final licence to commence operations from the Central Bank of Myanmar was awarded last week.

In a statement, Maybank said the Central Bank of Myanmar had awarded it a banking licence to Maybank on Oct 1 last year as part of its move to liberalise the banking sector in that country.

Southeast Asia’s fourth-largest bank by assets said its Yangon branch will 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 will 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.

Having operated a representative office since 1994, Maybank established a Malaysia-Myanmar remittance service in 2012 jointly with five Myanmar banks for remittance of funds from Myanmar nationals in Malaysia to their families in Myanmar.

In October, government granted nine foreign banks coveted licences to operate on a limited basis, its biggest move to date to bring in much needed foreign capital to a fast-growing economy.

Source: The Rakyat Post

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