United Amara Bank (UAB) has launched a new branch in line with its expansion plans to tap Myanmar’s booming financial sector, an announcement said.
The branch, 25th of UAB, is located on Kabar Aye Pagoda road, Shwe Gone Daing in Yangon.
The bank’s chief executive U Than Win Swe said the bank’s branch opening is a sign of the country’s economic growth and banking sector’s development.
“We want to make banking services easily accessible for customers. This branch opening will help strengthen our operation in 2014, and we hope to extend up to 40 branches throughout Myanmar by this year.”
He said the bank also plans to set up 48 more ATM machines in Myanmar’s major cities, Yangon, Nay Pyi Taw and Mandalay.
UAB currently has 22 ATM machines within Yangon which accept MasterCard, Myanmar Payment Union (MPU), VISA and Japan Credit Bureau (JCB) cards. Besides local money transfer services the bank also offers remittance services through Western Union.
The bank has also invested in setting up Core Banking Software to provide hi-tech services through a common network of its branches, U Than Win Swe said.
“We are investing a lot to improve our services and infrastructure. To facilitate customers, UAB is soon going to launch modern and innovative products.”
UAB started offering banking service after grabbing a banking licence in August 2010.