State-run Taiwan Business Bank (台灣企銀) yesterday opened a representative office in Yangon, Myanmar, in the hope of later upgrading it to a branch so that it can enter the emerging market.
Located in Yangon’s Botahtaung Township, the office would seek to gather information about local industries and cultivate relationships with Burmese firms, the lender said in a statement.
In addition, the office would gain a better understanding of Burmese economic activity, regulations and financial intelligence, so that it could provide better advice and services to Taiwanese customers when it becomes a branch, the statement said.
OVERSEAS MARKETS
The office marks the bank’s latest attempt to strengthen its operations and earnings in overseas markets, the statement said.
Taiwan Business Bank has branches in Los Angeles, Hong Kong, Sydney, Brisbane and Shanghai, the statement said, adding that it also owns a micro loans business in Cambodia and a capital leasing company in Shanghai.
Looking forward, the lender also plans to set up branches in China’s Wuhan, New York and Tokyo, and have a presence in Southeast Asia to help advance the nation’s attempts to join regional trade blocs, the statement said.
Yangon is the largest city in Myanmar with a population of more than 5 million and is the most important commercial center, although it is no longer the nation’s capital, the statement said.
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