YANGON — The Oversea-Chinese Banking Corporation (OCBC) has officially opened its first branch in Myanmar on July 2nd, at the same time announcing the signing of Memoranda of Understanding (MoUs) with 10 Myanmar banks.
The bank has signed MoUs with three state owned and seven private banks: Myanma Economic Bank, Myanma Foreign Trade Bank, Myanma Investment and Commercial Bank, Asian Green Development Bank, Ayeyarwady Bank, Co-operative Bank, Kanbawza Bank, Myanmar Apex Bank, Myanmar Oriental Bank, and United Amara Bank.
The Singaporean lender was one of nine international banks to be granted a Provisional Banking Licence to operate limited services in Myanmar on 1 October 2014. On 2 April 2015, it received final approval to commence operations.
“With the opening of our new branch, we have been busy working to facilitate the inflow of foreign direct investments into many important sectors such as power, energy, telecommunications, real estate and logistics,” said OCBC chairman Ooi Sang Kuang. He added that the bank has seen strong interest from corporate customers from China and Southeast Asia in investing in Myanmar.
OCBC first established a branch in Yangon, as well as Lashio, in the early 1920s. After leaving in 1963, the bank returned to set up a representative office in 1994.