Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ANZ receives Central Bank approval to open office

Media Release

For Release: 7 December 2012

ANZ receives Central Bank approval to open representative office in Myanmar

ANZ today announced it has received Central Bank approval to open a representative office in Myanmar.

ANZ is the first Australian bank to receive a license from the Central Bank of Myanmar to operate and the first OECD bank outside of Japan to receive approval to establish a presence in Myanmar after the lifting of international sanctions earlier this year.

ANZ CEO International & Institutional Banking Alex Thursby said: “This is another important step in our super regional strategy, particularly promoting greater connectivity in the Greater Mekong which we define as Vietnam, Cambodia, Laos, Thailand and Myanmar.

“The representative office will strengthen our capability to connect customers across our international network and to access opportunities in Myanmar, as well as connecting our clients in Myanmar with new trade and investment opportunities.

“We believe our expertise in resources, agriculture and infrastructure offers something unique to clients interested in Myanmar. The nation is rich in natural resources such as arable land, minerals, energy and freshwater, and has significant economic growth potential over the medium term,” Mr Thursby said.

Grant Knuckey, CEO of ANZ Royal Bank in Cambodia and Chairman of ANZ Laos will have management oversight of the Myanmar representative office which will be located in Yangon. ANZ’s license is subject to final administrative approvals and the representative office is expected to open early in 2013.

ANZ received the representative office license from the Central Bank of Myanmar following extensive discussions with the Government of the Union of Myanmar, and in consultation with the governments of Australia and the United States of America, and the Australian Prudential Regulation Authority. ANZ continues to be committed to complying with all requirements related to ongoing sanctions.

Myanmar is the largest country in South-east Asia by land mass, bordering five nations, and strategically located between China and India. Myanmar’s gross domestic product, currently US$43 billion, grew 5.3% in 2010 derived primarily from government investment and foreign investment into the oil and gas and agribusiness sectors.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news