Feb. 7 – Standard Chartered Bank opened a representative office in Yangon, Myanmar yesterday, becoming the only major international bank to have an operating presence in all ASEAN member countries. The move comes 10 years after the bank withdrew its presence in the country following a 150-year tenure that began when the bank first established a branch in Yangon (then known as Rangoon) in 1862. That branch was nationalized in 1963, but remained open until 2004 as a representative office also handling the bank’s regional affairs.
Standard Chartered’s Group Chief Executive Peter Sands said yesterday that the bank can play a key role in helping Myanmar re-integrate into the global business community by acting as a catalyst for trade and providing technical assistance to support the country’s efforts in developing a strong financial sector. The bank will be assisting its international clients to more readily access opportunities in Myanmar and across ASEAN.
