OCBC to open Myanmar branch in April

OCBC Bank on Thursday said it has received final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar. Its branch in Yangon will commence operations on April 23, 2015.

The approval follows the award of provisional banking licences on Oct 1, 2014, to nine foreign banks that include UOB. A spokeswoman from UOB said the bank expects to open its Myanmar branch within the next few months. DBS failed to clinch a provisional banking licence in October.