DBS boosts presence in Myanmar

DBS Bank has opened a newly renovated representative office in Myanmar to meet a growing demand for banking solutions and greater market connectivity from both Myanmar and Singaporean businesses operating in the country. The new representative office, located in Yangon's business district, in Sakura Tower along Bogyoke Aung San Road, marks DBS' next phase of growth in Myanmar, where the bank has been present since 1993.

The representative office in Yangon was established to support the financial needs of Singapore and Asia-based corporations with business interests in Myanmar. These companies enjoy access to a comprehensive suite of services, which include credit facilities, trade finance, cash management and treasury advisory.

DBS Group executive Sim S Lim said: "Myanmar has embarked on rapid economic development in the past two years. Many companies in Asia, including DBS, view Myanmar as an emerging market with great opportunities for growth. With the recent establishment of the International Enterprise (IE) Singapore Overseas Centre in Yangon and the signing of agreements and MOUs between Singapore companies and private sector counterparts in Myanmar, both countries have deepened our economic cooperation.

In 2011, bilateral trade between Singapore and Myanmar reached S$1.8 billion and Singapore is Myanmar's sixth largest investor, with cumulative foreign direct investments of S$4.4 billion as at the end of 2011. Singapore is also Myanmar's third largest trading partner, after China and Thailand.

source: The Asset

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