MARUHAN Japan Bank, Cambodia's first Japanese-owned commercial bank, in
operation since 2008, officially inaugurated the Bank's Representative Office
in Yangon, Myanmar on 28 July 2012.
August 08, 2012
/24-7PressRelease/ -- MARUHAN Japan Bank, Cambodia's first Japanese-owned
commercial bank, in operation since 2008, officially inaugurated the Bank's
Representative Office in Yangon, Myanmar on 28 July 2012. The inauguration
ceremony was well attended by VIP guests including government ministers, the
Governor of the Central Bank of Myanmar, a number of high level officials from
the Myanmar authorities, the Japanese and Cambodian Ambassadors to Myanmar and
senior executives from companies in all the respective countries.
The inauguration of the MARUHAN
Japan Bank Representative Office will bring the total number of foreign bank
offices now in Myanmar to 21. These foreign banks are not yet allowed to
conduct direct banking business services, but there are signs that, following
the recent liberalisation of the market, new opportunities will rapidly emerge.
Key reforms, such as the recent granting of licenses to some local private
banks to trade in foreign currencies such as the US Dollar, Euro and Singapore
Dollar, are already proceeding apace and other economic reforms are expected to
follow.
Therefore, the opening of the
Yangon Representative Office is the first step on a road that MARUHAN Japan
Bank is taking which will eventually provide the people of Myanmar with access
to the kind of sophisticated, state-of-the art financial products, unprecedented
levels of service and fully functioning and competitive regional banking
networks that will support their success throughout the ASEAN region, and
beyond.
MARUHAN Japan Bank, formed by
Japan's enormously successful MARUHAN Group, has set a fast pace in
establishing itself as an industry leader and trailblazer within the banking
sector in Cambodia. The Bank aims to do the same in Myanmar and throughout the
ASEAN region. The group's office in Singapore, MARUHAN INVESTMENT ASIA PTE.
LTD., is poised to act as a business hub for the introduction of international
finance and supporting business services into the rapidly developing ASEAN
economic region.
In order to demonstrate its
commitment to the development of the banking industry in Myanmar, MARUHAN Group
will make an 'in kind' donation to the Ministry of Finance and Revenue and the
Central Bank of Myanmar. This donation is intended to support the Myanmar
Financial Authority's efforts in building appropriate infrastructure and
developing the kind of skilled resources that will be required to prepare the
country's banking industry for the opportunities and bright future that the
Bank, and many other investors, anticipate.
Referring to the inauguration of
the new Representative Office in Yangon, MARUHAN Japan Bank's General Manager
Mr. ONISHI Shizuo says, "We are incredibly proud to be a Cambodian bank
supporting commercial and financial links between Cambodia and Myanmar and to
be covering the needs of the ASEAN region's newly developing financial and
business sectors. We are extremely confident that this support will contribute
to the future success of both countries in the forthcoming era of strong growth
for the ASEAN economies."
He continues on the subject of
the Bank's entry into the Myanmar market, "We consider ourselves as
pioneers within the ASEAN banking industry. Many of our customers are also
pioneers in their own respective fields and are keen to capitalise on the
business opportunities the changes in Myanmar and the wider ASEAN region will
offer. To support their ambitions, we already have a strong team of experienced
banking professionals in Yangon to provide information, guidance and advice to
those who share our excitement about, and want to be part of, Myanmar's
successful future."
MARUHAN Japan Bank is confident
that this office opening, linked with the other network offices that the Bank
will be opening in the ASEAN region in the near future, will foster confidence
with potential business partners and customers across the region and make
MARUHAN Japan Bank an even more attractive choice for Cambodian, regional and
global customers.
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