UOB extends reach into Myanmar

Singapore

MYANMAR is set to be the "next frontier" in South-east Asia for United Overseas Bank (UOB) clients as the bank opened its new branch there this week - extending the reach via its current foreign direct investment (FDI) unit, a senior bank executive said.

UOB has on Wednesday said that that it will offer an onshore loan in Myanmar - making it the first foreign bank to do so. The loan, the size of which is undisclosed, will be given to Rangoon Excelsior Company, a French-Myanmar joint venture company. The loan for Rangoon Excelsior will finance the refurbishment of a former colonial building in downtown Yangon into a five-storey hotel.