Sumitomo Mitsui Banking Corp launches first Myanmar branch in Yangon

A bank employee stands at the Yangon Branch of Sumitomo Mitsui Banking Corporation following the bank’s opening ceremony on Thursday.
A bank employee stands at the Yangon Branch of Sumitomo Mitsui Banking Corporation following the bank’s opening ceremony on Thursday.

Major Japanese lender Sumitomo Mitsui Banking Corporation on Thursday opened its first branch in Myanmar at Yangon’s Strand Square.
SMBC is one of three foreign lenders to be awarded a commercial banking license by the Central Bank of Myanmar. Japanese rival Bank of Tokyo-Mitsubishi UFJ opened its first local branch a day earlier.
With its presence in Myanmar, SMBC will offer banking services including remittances and loans to foreign companies and joint ventures, as well as to domestic banks in Myanmar. Customers will be able to open accounts denominated in kyat or US dollar.
SMBC has had a presence in Myanmar since 1996, supporting its clients here through a representative office. The new branch employs 30 local staff and will operate in Myanmar in conjunction with local partner KBZ Bank.
Mr. Hiroshi Minoura, vice-chairman of the Board of SMBC, said the bank, with four centuries of tradition, will apply all the resources of SMBC and SMFG Group and work as one to support clients and partners while contributing to the further economic development and growth of Myanmar.
Singapore’s Oversea-Chinese Banking Corporation also opened its first branch in Myanmar the same day.
In October last year, nine foreign banks — three from Japan and six from other countries including Australia, China, Malaysia, Singapore and Thailand — received provisional banking licenses to operate in the country. SMBC, BTMU and OCBC were the first to receive final operational licenses.

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