Standard Chartered Bank re-establishes presence in Myanmar

January 08, 2013 | 09:14

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The Central Bank of Myanmar has granted Standard Chartered Bank a licence to re-open its representative office in Yangon.

Its re-entry into Myanmar establishes it as the only major international bank operating in all 10 Association of South East Asian Nations (ASEAN) markets.

Standard Chartered’s return to the market follows growing international support for Myanmar’s efforts to reintegrate with the international community.

Standard Chartered has the broadest range of Wholesale Banking and Consumer Banking products and services in South East Asia. Through its network of 1,700 offices in 70 markets, Standard Chartered will be able to assist its international clients to more readily access opportunities in the country.

Jaspal Bindra, Standard Chartered Bank’s Group executive director and chief executive officer, Asia said: “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.”

Standard Chartered’s history in Myanmar extends back to 1862 when the bank opened its first branch in Rangoon. That operation was nationalised in 1963. It also operated a representative office in Myanmar from 1995-2004.

The representative office will open in February 2013. It will focus on Wholesale Banking activities and concentrate on providing support to the bank’s global network of clients across its footprint of Asia, Africa and the Middle East.