September 20, 2017

Singapore’s UOB marks Myanmar launch with loans for automotive, tourism projects

In the presence of UOB Group Deputy Chairman and CEO Mr Wee Ee Cheong (far left), Union Minister U Win Shein (centre left), Singaporean Deputy Prime Minister Mr.Teo Chee Hean (centre right) and CBM Governor U Kyaw Kyaw Maung (far right), Mr Woo Siew Hin, Director of System-Bilt (Myanmar), Mr Harry Loh, Country Manager of UOB and U Aye Tun, Director of Cycle & Carriage Automobile Myanmar sign loan agreements at the Parkroyal Hotel on Thursday.
In the presence of UOB Group Deputy Chairman and CEO Mr Wee Ee Cheong (far left), Union Minister U Win Shein (centre left), Singaporean Deputy Prime Minister Mr.Teo Chee Hean (centre right) and CBM Governor U Kyaw Kyaw Maung (far right), Mr Woo Siew Hin, Director of System-Bilt (Myanmar), Mr Harry Loh, Country Manager of UOB and U Aye Tun, Director of Cycle & Carriage Automobile Myanmar sign loan agreements at the Parkroyal Hotel on Thursday.

Singapore-based United Overseas Bank inked loan agreements with two firms investing in Myanmar’s automotive and tourism industries Thursday in Yangon, at the opening of its first branch in the country.
UOB said its loan to Cycle & Carriage Automobile Myanmar will fund the construction of two automobile showrooms and a servicing workshop in Yangon, catering to rising demand for private transport.
Cycle & Carriage Automobile Myanmar Company is owned by Singapore-listed Jardine Cycle & Carriage and Myanmar-based Automobile Alliance Company limited.
The bank said the automotive industry has seen strong growth in Myanmar, with the number of vehicles having increased by 86 percent in the two years following the country’s relaxation of automotive import regulations in 2012. The number is expected to grow 7.8 per cent a year through 2019, it said.
As part of its commitment to supporting the development of Myanmar’s tourism sector, the bank also extended a loan to System-Bilt (Myanmar) Ltd to build a 200-room extension for the Summit Parkview Hotel in Yangon.
System-Bilt (Myanmar) Ltd is 100 per cent owned by Regional Hotel from Singapore.
The bank did not reveal the amounts of the loans in a press release Thursday, but said in an earlier release that it will facilitate investment injections worth US$300 million from its clients based in Europe and Asia into Myanmar over the next 12 months to build factories, hotels and commercial properties.
UOB Group deputy chairman and CEO Mr Wee Ee Cheong said the investments of the bank’s clients were directed at meeting Myanmar’s growing urbanization and industrialization needs.
“UOB is keen to support sectors that can help create far-reaching and long-term benefits for the country, including investments in infrastructure, manufacturing and tourism,” Mr Wee said.
In addition to the loans signed Thursday UOB provided offshore financing to Asiatech Energy, the Singaporean firm that built Myanmar’s first combined cycle gas-fired power plant in Mon State in early 2014.
UOB’s Yangon branch provides corporate loans, trade and project financing, and cash management solutions for regional and global companies expanding into Myanmar.
Also present at the opening ceremony of the branch together with the bank’s officials were Singaporean Deputy Prime Minister Mr. Teo Chee Hean, Union Minister for Finance U Win Shein, Governor of the Central Bank of Myanmar U Kyaw Kyaw Maung, Deputy Minister for Finance U Maung Maung Thein, Deputy Governor of the CBM U Soe Min and Singaporean Ambassador to Myanmar Mr Robert Chua.

Comments

Related posts

Translate »