UOB, OCBC make strides in Myanmar amid branch openings
UOB clients expected to invest US$300m in next 12 months, OCBC inks MOUs with 10 Myanmar banks
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Angela Tan
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Singapore
UNITED Overseas Bank Group (UOB) and OCBC Bank both provided updates to their Myanmar business, as they officially opened their Yangon branch on Thursday. Singapore's Deputy Prime Minister Teo Chee Hean was among the dignitaries present at the openings for both branches.
UOB expects some US$300 million in investments over the next 12 months from its clients into Myanmar. These clients, which include multinational and regional clients based in Europe and Asia, have said investments will be directed mainly at building factories, hotels and commercial properties, said the bank.
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