PETALING JAYA: The Central Bank of Myanmar (CBM) has granted MALAYAN BANKING BHD (Maybank) a banking licence to open a branch office in Myanmar, which will help strengthen the bank’s regional footprint in Asean.
The licence was given as part of CBM’s move to liberalise the banking sector in Myanmar. With the licence, foreign banks would be able to participate in previously restricted services in Myanmar, including providing loans to foreign companies as well as domestic banks.
Maybank group president and chief executive officer Datuk Abdul Farid Alias said that the Myanmar foreign banking licence was a significant milestone in its partnership with Myanmar on its journey of growth.
It will also help further strengthen Maybank’s regional footprint as well as its capabilities in serving customers seamlessly throughout Asean.
“Moving forward, we hope to facilitate greater cross-border trade between Myanmar and our core markets as well as the Greater Mekong Subregion, particularly in Yunnan, upon the opening of our third China branch in Kunming,” he said in a statement.
He added that Maybank hoped to continue playing a role in shaping Myanmar’s financial sector, and in empowering the Myanmar communities to accelerate socio-economic growth.
Maybank International chief executive officer Pollie Sim said Maybank’s commitment to partner Myanmar on the journey of growth had seen the bank play a pivotal role in sharing technical and capabilities-building knowledge with bankers in Myanmar over the years.
“Maybank understands that building capabilities has always been one of Myanmar’s priorities to develop its socio-economic growth,” she said.
Maybank has for more than 20 years established correspondent banking relationships with domestic banks and supported Myanmar in infrastructure building by leveraging upon its regional presence and project financing strength.
It has financed key infrastructure projects such as airport, telecommunications and gas pipeline projects.
Maybank is, so far, the only Malaysian bank awarded with the foreign banking licence in Myanmar.
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