Singapore’s DBS Establishes Rep Office in Myanmar

Singapore-based DBS Bank has opened a representative office in Myanmar in a bid to grow the regional bank’s presence in Asia and strengthen its banking franchise in the region.  
The representative office in Yangon will support the financial needs of Singapore and Asia-based corporations with business interests in Myanmar, DBS said.
The companies will be able to access a suite of services, which include credit facilities, trade finance, cash management and treasury advisory, the bank said in a statement.
“[The branch] can draw upon our connectivity in Asia to build strong and lasting relationships with and for our customers. We look forward to growing our presence and office in Yangon as we continue to expand our footprint in ASEAN,” Chan Weng Meng, DBS Yangon’s chief representative, said.
DBS Group executive and Singapore country head, Sim S Lim, said: “Myanmar has embarked on rapid economic development in the past two years. Many companies in Asia, including DBS, view Myanmar as an emerging market with great opportunities for growth.
“With the recent establishment of the International Enterprise (IE) Singapore Overseas Centre in Yangon and the signing of agreements and MOUs between Singapore companies and private sector counterparts in Myanmar, both countries have deepened economic cooperation.”
DBS, Southeast Asia’s largest bank, said it will work towards meeting a growing demand for banking solutions and greater market connectivity from both Myanmar and Singaporean businesses operating in the recently-opened Southeast Asian country.
Lim said: “DBS has been present in Yangon since 1993. As Myanmar continues efforts to develop its financial sector, DBS’ pedigree as a Singapore-headquartered Asian bank of choice places us in a unique position to help businesses leverage growth and investment opportunities in Myanmar and across Asia.”
DBS’ new representative office is located in Sakura Tower on Bogyoke Aung San road in Yangon.
DBS has over 250 branches across 16 markets, with 18,000 employees.
With cumulative foreign direct investments of S$4.4 billion ($3.53 billion) up to December 2011, Singapore is the sixth-largest foreign investor in Myanmar. Singapore is also Myanmar’s third largest trading partner, after China and Thailand. In 2011, bilateral trade between Singapore and Myanmar reached S$1.8 billion ($1.44 billion).