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ANZ to open first Myanmar branch on Oct 2

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ANZ Banking Group, Australia's fourth largest lender by assets, on Wednesday said it would open its first branch in Myanmar on Friday after receiving final regulatory approval.

[SYDNEY] ANZ Banking Group, Australia's fourth largest lender by assets, on Wednesday said it would open its first branch in Myanmar on Friday after receiving final regulatory approval.

In a statement, ANZ said the branch would be located in Yangon.

The bank was among nine lenders that received preliminary approval from the regulator earlier this year. The licences are limited to one branch per bank, and the banks can provide loans to foreign companies and only in foreign currency. The licencees are also expected to lend to domestic banks.

REUTERS