Standard Chartered Bank has officially reopened its representative office in Yangon. It is the only international bank with a presence in all 10 Asean markets.
StanChart believes that financial institutions 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 and vibrant financial sector.
Peter Sands, StanChart's Group Chief Executive said the growth of local economies in South East Asia is driving trade and economic success across the region.
"We believe our presence here will help our global network of Wholesale Banking clients to tap into these opportunities, and contribute to Myanmar's efforts to grow in a sustainable manner," he said.
The Bank opened its first branch in Yangon, formerly known as Rangoon, in 1862. That operation was nationalised in 1963. It also operated a representative office in Myanmar from 1995-2004.
The representative office, which is located at Centrepoint Towers at the intersection of Sule Pagoda Road and Merchant Road, will be headed by Tina Singhsacha, StanChart's Country Head for Myanmar.
The representative office will focus on Wholesale Banking activities and concentrate on providing support to the bank's network of clients across its footprint of Asia, Africa and the Middle East.