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Malaysia's Maybank starts branch operations in Myanmar
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.
PHOTO: BLOOMBERG
[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.
REUTERS
