Cathay United Bank, one of the largest commercial banks in Taiwan, has opened a representative office in Myanmar, joining a slew of foreign banks that has swarmed into the country in a bid to take advantage of the Southeast Asian nation’s greenfield financial sector.
The wholly owned subsidiary of Cathay Financial Holding Co became the third Taiwanese bank to set up a representative office in Yangon, following First Commercial Bank and E Sun Commercial Bank.
The bank said the representative office will serve as a channel to collect business information and develop business ties in the Southeast Asian country.
The office will try to capitalise on the market-opening measures promoted by Myanmar, explore the expanding ASEAN market, and provide Taiwanese investors operating in Myanmar with better services, the bank said.
Cathay United Bank has obtained approval from Taiwan’s financial regulator, the Financial Supervisory Commission, to set up a branch in Yangon.
In addition to the Yangon office, Cathay United Bank has set up either branches or representative offices in six other ASEAN countries: Vietnam, Cambodia, Thailand, Singapore, Malaysia and the Philippines.
The bank’s capital value is NT$52 billion ($1.7 billion) and it has more than 160 branches located throughout Taiwan.