ANZ to open Yangon office

The Australia and New Zealand Banking Group, commonly called ANZ, is expected to open a representative office in Myanmar early this year, following the approval of its request for an operational licence. ANZ Royal Bank chief executive in Cambodia and chairman of ANZ Laos, Grant Knuckey, will oversee the Yangon office, which will comply with all existing sanctions. The bank – the fourth largest by assets in Australia and the largest in New Zealand – will initially provide services for business and investment clients in Myanmar, which is rich in natural resources such as arable land, minerals, energy and fresh water. ANZ is the second bank from an Organisation for Economic Cooperation and Development nation to be allowed to establish a presence in the country.