ANZ today announced that it has received the final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar, deepening its presence in the Greater Mekong following the recent branch opening in Thailand.
The bank opened the representative office in Myanmar in June 2013 and it was one of the nine foreign banks winning banking licenses. The license came shortly before the one-year deadline will end. Announcing the license winners in October 2014, the central bank required them to open branches within a year.
The branch will be officially opened on October 2.
In a press release, ANZ said that through its branch, it aims to service multinational and joint venture companies with a presence in Myanmar as well as international companies looking to enter Myanmar from ANZ’s network countries. It will offer specialist banking services for natural resources, utilities and infrastructure, telecommunication, consumer goods and other global diversified sectors that are expanding in Myanmar.
ANZ CEO for International and Institutional Banking Andrew Géczy, said: “This licence approval is a final step in our plans to deepen our presence in the Greater Mekong, following the recent branch opening in Thailand. We can draw on our strengths in natural resources, infrastructure and agriculture - which match those of Myanmar - to connect global customers with the significant growth opportunities in this region.
"We expect closer Asean economic integration will also help grow Myanmar’s role as a manufacturing hub. As one of the only international banks with a presence in all five Greater Mekong countries, ANZ is uniquely placed to play a leading role for customers
wanting to enter Myanmar."
Rajesh Ahuja will be ANZ Myanmar CEO.