The Industrial Bank of Korea said Sunday it will officially launch and operate a local subsidiary in Yangon as early as this month, which marks its third overseas unit, following its operation in China and Indonesia, The Korea Herald reported.

Branded as IBK Bank Myanmar, its new overseas subsidiary was designed to handle various banking services, including corporate financing, personal financial management as well as foreign exchange business, officials said.

Through the newly launched bank, not only South Korean companies that have made inroads into Myanmar, but also local firms can access banking services, they added.