United Overseas Bank provides its first onshore loan in Myanmar to finance hotel project

Mr Harry Loh, Executive Director and Country Manager for UOB Myanmarm speaks about functions of UOB.
Mr Harry Loh, Executive Director and Country Manager for UOB Myanmarm speaks about functions of UOB.

United Overseas Bank Group (UOB) on Wednesday announced that it has offered an onshore loan to a French-Myanmar joint venture company for refurbishing a new hotel in downtown Yangon but the amount of the loan was not disclosed.
The loan to Rangoon Excelsior Co. will help turn a former colonial building in downtown Yangon into a five-storey hotel, according to a news release issued by UOB.
“The financing of a new hotel is in line with our approach of supporting businesses that are helping to drive the development of Myanmar,” Mr Ian Wong, managing director and head of strategy and international management, UOB group, said in the news release on Wednesday.
“Tourism is expected to be a main contributor of new jobs in the country over the next decade,” he added.
Singapore-based UOB is one of nine international banks granted licences in October 2014 to operate a local banking branch. It opened its branch at Park Royal Hotel in the centre of Yangon on 4 May, aiming to provide services to foreign companies such as trade and project financing, corporate loans and cash management solutions.
Within the first month of its Yangon branch opening, UOB expects to offer several more onshore loans to its clients in the manufacturing, hospitality and infrastructure sectors. These loans will help finance the setting-up of factories, retail shops and hotels. Mr Harry Loh, Executive Director and Country Manager for UOB Myanmar, said at a media briefing on Wednesday in Yangon that UOB will focus on helping companies invest in four sectors—energy, manufacturing, construction, and hospitality.

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