ANZ has announced that it has received the final regulatory approval from the Central Bank of Myanmar to open a branch in the country, paving the way for the official opening of its Yangon office on October 2.

ANZ will service multinational and joint venture companies with a presence in Myanmar from the new branch, as well as international companies looking to enter Myanmar from ANZ's network countries. It will offer specialist banking services for natural resources, utilities and infrastructure, telecommunications, consumer goods and other global diversified sectors that are expanding in Myanmar.

ANZ CEO for international and institutional banking Andrew Geczy says the license approval is a final step in the bank's plans to deepen its 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 the region.

ANZ Myanmar CEO Rajesh Ahuja believes they have a strong understanding of the Myanmar market environment having established a representative office in the country more than two years ago.

The new branch will provide comprehensive solutions covering a full range of banking products, including payments and cash management, electronic banking, lending, foreign exchange, and fund-based and non-fund based trade finance.