Myanmar lets Standard Chartered only Int'l bank in ASEAN

Published on Saturday, 02 February 2013 22:08

Central bank of Myanmar has granted the globally high prestige UK-backed bank, Standard Chartered to re-operate its banking operation in Myanmar, which makes Standard Chartered the only international bank operating in Southeast Asian countries.

Opening the representative office in Yangon on February 5, Standard Chartered Bank will make the press conference at The Strand Hotel, Yangon. Group Cheif Executive Mr Peter Sands and Group Executive Director & CEO Asia Mr Jaspal Bindra of Standard Chartered will attend the press conference to meet the media groups.

“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 said in his statement.

Although Standard Chartered had operated its banking functions in Myanmar since 1862, its operation was nationalized in 1963 by the Myanmar Govt. Its history in Myanmar again re-established in 1995, but because of international sanction on Myanmar, its operations paused again in 2004.

It is the multinational banking and financial services company, operating over 1700 branches of various kinds and outlets worldwide.