Singapore’s United Oversea Bank will help develop Myanmar’s energy, manufacturing, construction and tourism services, officials told Mizzima on May 4.
UOB plans to expand its operations across Southeast Asia providing banking services to investors to help develop Myanmar’s economy, said UOB manager for Myanmar, Harry Loh.
He added: “We already have a strong relationship with foreign investors who want to do business in Myanmar. We can create more job opportunities in Myanmar.”
The bank will supply services such as money lending to organisations, investing in trade and other projects, offer money-managing techniques to groups and assist local banks.
Local banks are willing to cooperate with international banks so foreign businesses can thrive in Myanmar.
McKinsey Global Institute, a business and economic research group, projected that for the development of the economy within the next 15 years Myanmar will need US$4.8 billion and out of that amount, US$2.4 billion will be used to develop basic infrastructure.
UOB is among several foreign banks that have begun operating in Yangon.