ANZ Banking Group has received the final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar.
The Australian lender, which was among nine banks to receive preliminary approval from the regulator earlier this year, said that it would open its first branch in Yangon on 2 October 2015.
The branch will offer a wide range of banking products including payments and cash management, electronic banking, lending, foreign exchange, & fund-based and non-fund based trade finance, the bank said in its statement.
ANZ CEO for international and institutional banking Andrew Géczy, said: "This licence approval is a final step in our plans to deepen our presence in the Greater Mekong, following the recent branch opening in Thailand. We can draw on our strengths in natural resources, infrastructure and agriculture – which match those of Myanmar – to connect global customers with the significant growth opportunities in this region.
"We expect closer ASEAN economic integration will also help grow Myanmar’s role as a manufacturing hub. As one of the only international banks with a presence in all five Greater Mekong countries, ANZ is uniquely placed to play a leading role for customers wanting to enter Myanmar," Géczy added.
ANZ Myanmar CEO Rajesh Ahuja said: "Having established a presence as a representative office more than two years ago we have strong understanding of the local market environment. We look forward to offering our clients international standard-banking services and improving their ability to operate and grow in Myanmar."