Malaysia’s Maybank has commenced branch operations in Myanmar after receiving the final licence from the Central Bank of Myanmar.
The Central Bank of Myanmar, which is looking to liberalise the country’s banking industry, awarded the banking licence to Maybank in October 2014.
The move makes Maybank the first and only Malaysian bank to open a branch in Myanmar.
The new bank branch at Yangon, comprising a registered capital of $75m, will cater to wholesale and corporate clients along with Myanmar’s domestic banks.
It will offer various services including deposit accounts, working capital financing, cash management, treasury as well as capital market solutions.
"In particular, it will leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas to cater to Myanmar’s immediate needs," Maybank said.