July 04, 2017

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OCBC aims to strengthen financial sector through cooperation with local banks

Witnessed by Central Bank of Myanmar Governor U Kyaw Kyaw Maung (left), Singaporean Deputy Prime Minister Mr. Teo Chee Hean (centre) and Union Minister for Finance U Win Shein, officials from OCBC Bank and 10 domestic banks sign agreements on collaboration in training and capability building in Yangon on Thursday.
Witnessed by Central Bank of Myanmar Governor U Kyaw Kyaw Maung (left), Singaporean Deputy Prime Minister Mr. Teo Chee Hean (centre) and Union Minister for Finance U Win Shein, officials from OCBC Bank and 10 domestic banks sign agreements on collaboration in training and capability building in Yangon on Thursday.

The Oversea-Chinese Banking Corporation signed memoranda of understanding with 10 Myanmar banks Thursday at the official opening of its Yangon branch, agreeing to collaborate with the local lenders in training and capability building.
Singapore-based OCBC said its partnership with the local banks aims to boost their capabilities in cash management, trade finance and treasury solutions, thereby supporting the anticipated growth in trade and foreign direct investments into Myanmar.
According to a press release, the three state-owned banks signing the MoU on Thursday were Myanmar Economic Bank, Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank. OCBC also signed MoUs with seven private commercial banks—Asia Green Development Bank Limited, Ayeyarwady Bank, Co-operative Bank, Kanbawza Bank Ltd, Myanmar Apex Bank, Myanmar Oriental Bank Ltd and United Amara Bank.
OCBC Chairman Mr Ooi Sang Kuang said the bank set two significant milestones on Thursday that would contribute to a stronger financial sector in Myanmar.
OCBC was granted a banking license from the Central Bank of Myanmar together with eight other foreign banks last year.

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