The foreign bank had opened its first branch in Myanmar in 1862 and that operation was nationalised in 1963
Standard Chartered Bank today said it has received a licence from the Central Bank of Myanmar to re-open its representative office in Yangon. The re-entry will make Standard Chartered Bank the only major international bank operating in all the 10 ASEAN (Association of South East Asian Nations) markets.
"Standard Chartered has had a history of over 150 years in Yangon and we are delighted at the quick response of the Central Bank of Myanmar in approving our application. We look forward to supporting our global network of clients in their efforts to tap into emerging opportunities in Myanmar, which in turn will help spur further economic growth for the country," Jaspal Bindra, group executive director and chief executive director in Asia at Standard Chartered Bank, said in a statement.
The foreign bank had opened its first branch in Myanmar in 1862 and that operation was nationalised in 1963. It also operated a representative office in the country between 1995 and 2004.
Standard Chartered Bank will open its representative office in February, 2013. It will focus on wholesale banking activities and concentrate on providing support to the bank's global network of clients across geographies. The bank currently has 1,700 offices in 70 markets.
LOC will be used for financing low-cost housing and economical buildings project