Malaysia's Maybank starts branch operations in Myanmar

[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