OCBC Bank is one of the first three foreign banks to have received final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar, reports Channel News Asia on April 2.
The approval follows the award of provisional banking licenses on October 1, 2014 to nine foreign banks, including Singapore's UOB.
OCBC's Yangon branch will start operations on April 23. It will offer banking services such as cash management, project financing, and trade finance. It will also offer treasury and capital markets advisory and services to foreign companies and joint ventures, as well as domestic banks in Myanmar.
Customers will be able to open current and savings accounts denominated in Myanmar Kyat, US Dollar and Singapore Dollar, take up loans and apply for trade and foreign exchange facilities.
The Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed financial services organisation with its head office in Singapore. The OCBC Bank group comprises a family of companies owned by island’s state’s longest established local bank.