South Korea’s NH NongHyup Bank on Monday said it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country.
The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016.
The Yangon office will set a foothold for the bank to strengthen partnership with Myanmar’s financial authorities, as well as to lay the groundwork for its banking business in the country, officials said.
As part of localisation strategy, NH NongHyup hired a local manager named Myint Myint Thu as the branch head to offer financial services optimised for the country’s finance environment.
With the agriculture sector being the backbone of Myanmar’s economy, the bank is planning to develop business models employing its expertise in agricultural finance, they added.
An opening ceremony of the new branch was held online in line with the Myanmar government’s quarantine measures against the Covid-19 pandemic, including real-time interaction between employees in South Korea and Myanmar through videoconferencing.
THE KOREA HERALD/ASIA NEWS NETWORK