2012-08-08 09:13:37 -
/EINPresswire.com/ 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.
For more information, please contact:
Ms. Jo Clifford
Tel: +855-12 676 880