Maybank opens Yangon branch

PETALING JAYA: Maybank, Southeast Asia's fourth largest bank by assets, became the first and only Malaysian bank to open a branch in Myanmar when it opened its Yangon branch yesterday.
The bank was granted the final licence to commence operations from the Central Bank of Myanmar last week. The Central Bank had on Oct 1, 2014 awarded a banking licence to Maybank as part of its move to liberalise the banking sector in the country.
The Maybank Yangon branch has a registered capital of US$75 million (RM286.7 million) and will operate with a team comprising mainly Myanmar nationals.
The new branch is expected to strengthen the group's international footprint comprising 2,400 offices in 20 countries worldwide, including all 10 Asean nations.
The new 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.
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.
"Since 1994, Maybank has operated a representative office in Myanmar and supported Myanmar in infrastructure building by leveraging upon our regional presence and project financing strength. We also helped arrange financing for key infrastructure projects such as airports, telecommunications and gas pipelines," said Maybank Group chief strategy officer Michael Foong.
In 2012, Maybank Malaysia established a Malaysia-Myanmar remittance service jointly with five Myanmar banks under its Maybank Money Express service.
Foong said with the foreign banking licence, Maybank 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 Myanmar's growth leapfrog in the region. In addition, we can help support Myanmar's priorities in developing its banking infrastructure and financial system.
"We are positive on Myanmar's economic outlook and hope to facilitate greater cross-border trade between Myanmar and our core markets as well as the Greater Mekong sub region," he said.