
OCBC clinched regulatory approval to open a branch in Myanmar
A new branch will be opened in Yangon.
OCBC Bank today revealed that it has been granted a foreign bank licence to operate in Myanmar. It is among the 9 foreign banks that have received preliminary approval from the Central Bank of Myanmar.
This allows OCBC to offer banking products and services to foreign companies and joint ventures, as well as domestic banks in Myanmar. OCBC has up to 12 months to prepare for the planned opening of its new branch in Yangon.
OCBC has had a presence in Myanmar for 60 years, having first operated as a branch for 40 years from 1923 to 1963, and subsequently as a representative office in Yangon over the past 20 years.