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

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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