OCBC, UOB win banking licence to operate in Myanmar

OCBC Bank and United Overseas Bank (UOB) have been granted a foreign bank licence each to operate in Myanmar.

The two banks are among the nine foreign banks that have received preliminary approval on Wednesday from the Central Bank of Myanmar to prepare for commencement of banking operations in Myanmar.

"With this licence, OCBC Bank will be allowed to offer a full range of banking products and services to foreign companies and joint ventures, as well as domestic banks in Myanmar," OCBC said in a release.

With the foreign bank licence, OCBC has up to 12 months to prepare for the planned opening of its new branch in Yangon.

OCBC, which currently has a representative office in Myanmar, has had a presence in the country for 60 years.

The bank had a branch in operation for 40 years from 1923 to 1963, and subsequently the representative office in Yangon in the past 20 years since 1994.

UOB has yet to reply to media query at the time of publication.