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

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news