South Korea’s fourth-largest bank opens branch in Myanmar

Shinhan Bank CEO Suh Jin-won, left, cuts tape with Naw Eh Hpaw, center, deputy director general of the Central Bank of Myanmar, and other guests during an opening ceremony of the bank's representative office in Yangon, Myanmar, Tuesday. With the opening of the Myanmar office, the bank now has 65 offices in 15 countries outside of Korea. Photo: Shinhan Bank

Shinhan Bank, South Korea's fourth-largest bank by assets, said Tuesday that it has set up a branch in Myanmar as part of its diversification strategy, according to a Yonhap report on 20 September

It marked the first time for a South Korean lender to set up a branch in the country.

Shinhan Bank said its branch could help South Korean companies enter the Myanmar markets as it will offer them such services as money remittance in dollars and trade settlements, as well as loans in dollars.

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