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UOB to open Yangon branch in May

UOB on Thursday said it has received regulatory approval for its Yangon branch to be opened on May 4.

"We have a strong pipeline of foreign direct investment from across our network set to flow into Myanmar now that we have received final approval from the Central Bank of Myanmar to offer onshore banking solutions to foreign enterprises and joint ventures," said Harry Loh, UOB's country manager in Myanmar, in a press statement.

UOB announced in April a financing agreement with Singapore-based Royal GK to procure gas engines for the construction of a gas-fired electricity power plant in Yangon. A year ago, it also financed Singapore-based Asiatech Energy in building a combined cycle gas-fired power plant in Mon State.

The bank said it will focus on helping companies invest in four key industries: energy, manufacturing, construction and hospitality.

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UOB said it was the first foreign bank in 2013 to establish a foreign direct investment advisory unit in Myanmar to help its clients tap opportunities there. It set up its representative office in Yangon in 1994.

In October last year, nine banks from Singapore, Malaysia, Thailand, China, Japan and Australia were awarded provisional banking licences to operate in Myanmar.