OCBC Bank has been granted a foreign bank license to operate in Myanmar. It is among the nine foreign banks that have received preliminary approval on October 1 2014 from the Central Bank of Myanmar to prepare for commencement of banking operations in the country.

 

This allows OCBC Bank to offer a full range of banking products and services to foreign companies and joint ventures, as well as domestic banks in Myanmar. OCBC Bank now has up to 12 months to prepare for the planned opening of its new branch in Yangon.

 

OCBC has had a presence in Myanmar for 60 years, having first operated as a branch for 40 years from 1923-1963, and subsequently as a representative office in Yangon over the past 20 years.

 

Linus Goh, OCBC Bank’s head of global commercial banking, said: “This new license will enable us to contribute to the growth and development of the economy in Myanmar through the financial services that we will offer our corporate and institutional customers keen to participate in the opportunities for trade and investment in this country. We will also work together with our domestic banking partners to strengthen the foundation of the financial sector, by introducing new capabilities and innovative services to support its growth and transformation.”

 

The new OCBC Bank branch in Myanmar will offer a full suite of banking products and services that will include cash management, project financing, working capital financing and trade finance, as well as treasury and capital markets advisory and services.

 

This branch will be a significant addition to OCBC’s network of branches across 18 countries and territories which serve our corporate customers in their overseas expansion by delivering local market know-how, access and financial services, with a single relationship view across the markets.