OCBC clinches final regulatory approval to open first branch in Myanmar

The branch has a capital of $102m.

OCBC Bank is one of the first three foreign banks to receive final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar.

The final licence was awarded on 2 April 2015. OCBC Yangon Branch will commence operations on 23 April 2015 with a registered capital of $102m (US$75m).

The approval follows the award of provisional banking licences on 1 October 2014 to 9 foreign banks from Singapore, Malaysia, Thailand, China, Japan and Australia.

OCBC Yangon Branch will offer banking services – including cash management, project financing, working capital financing and trade finance, as well as treasury and capital markets advisory and services – to foreign companies and joint ventures, domestic banks in Myanmar.

In addition, OCBC Yangon Branch can provide banking services to local corporates in partnership with local financial institutions.

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.

OCBC Bank will be amongst the first foreign banks to offer internet banking facilities to corporate customers in Myanmar.