Singapore headquartered bank UOB will open its doors to business today in Myanmar with a new branch in Yangon.
It joins nine banks from Malaysia, Thailand, China, Japan and Australia who were granted provisional licences to operate in Myanmar all hoping for strong growth in Asia's last frontier market.
Services are set to include corporate loans, trade and project financing. UOB will focus on helping companies invest in four key industries - energy, manufacturing, construction and hospitality.
Last month the bank announced a financing agreement for part of a gas-fired electricity power plant in Yangon. The new UOB branch is housed in the Park Royal Hotel in the city centre.
