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UOB sees US$300m in investments in one year from clients in Myanmar (Amended)

United Overseas Bank Group (UOB) expects some US$300 million in loans within a year to support clients that are investing into Myanmar.

UNITED Overseas Bank Group (UOB) expects some US$300 million in investments within a year to support clients in Myanmar.

"UOB plans to help its clients invest US$300 million in Myanmar over the next 12 months," said the bank on Thursday, as it officially opened its Myanmar branch in Yangon.

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.

It has also inked two loan agreements in Myanmar.

UOB will lend an undisclosed sum to Cycle & Carriage Automobile Myanmar Company, which will fund the building of two automobile showrooms and a servicing workshop in Yangon. These will cater to the rising demand for private transport, the bank said.

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Cycle & Carriage Automobile Myanmar Company is owned by Singapore-listed Jardine Cycle & Carriage and Myanmar-based Automobile Alliance Company limited

UOB also signed a loan agreement with System-bilt (Myanmar) Ltd - owned by Singapore's Regional Hotel - with the funds meant to build a 200-room extension for an international hotel, the Summit Parkview, located in Central Yangon. The loan size was not disclosed.

The story above is the correct version.

Amendment note: UOB has clarified that the US$300 million refers to investments, and not direct loans

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