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ANZ first OECD bank to open office in Myanmar

ANZ first OECD bank to open office in Myanmar

(10 December 2012 – Myanmar) ANZ was granted approval from Myanmar authorities to open a representative office there. This will make ANZ the first OECD bank outside of Japan to receive approval to establish a presence in Myanmar - also known as Burma - after the lifting of international sanctions earlier this year.

"This is another important step in our super regional strategy, particularly promoting greater connectivity in the Greater Mekong," said ANZ’s head of International Banking, Alex Thursby. This region takes in Vietnam, Cambodia, Laos, Thailand and Myanmar.

"The representative office will strengthen our capability to connect customers across our international network and to access opportunities in Myanmar, as well as connecting our clients in Myanmar with new trade and investment opportunities," Thursby said.

Myanmar is seen as having growth potential for agriculture and oil and gas exports.

ANZ’s licence is subject to final approvals and the representative office is expected to open in Yangon in early in 2013.

ANZ received the representative office licence from the Central Bank of Myanmar. The long-running process has involved talks with the government of Myanmar and the bank has consulted with the governments of Australia and the United States, as well as the Australian bank regulator the Australian Prudential Regulation Authority (APRA).

ANZ owns stakes in eight banks through Asia region, including Indonesia, Malaysia as well as two separate Chinese banks. Thailand and Myanmar are two countries ANZ has been targeting in recent years to round out its Asian push.

ANZ is also eyeing a banking licence in Thailand in 2014 as the best way to break into that market.
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