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[KUALA LUMPUR] Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, said on Monday it commenced branch operations in Myanmar, becoming the first and only Malaysian bank to open a branch in that country.
Maybank, Southeast Asia's fourth largest bank, is one of the foreign banks ranging from Japan's Bank of Tokyo Mitsubishi UFJ Ltd to Singapore's Oversea-Chinese Banking Corporation Ltd that have gained a presence 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.