Myanmar's best international bank 2018: OCBC
When Myanmar opened up after 2012, it was quick to hand out banking licences – and Singapore’s leading lenders were first in line. This year, the award for best international bank in Myanmar goes to OCBC, which has been here on and off since 1923.
OCBC restarted local banking operations in April 2015; in 2017 it underlined its commitment to the country by doubling its paid-up capital to $150 million and opening Myanmar-focused desks in Singapore, Malaysia and China.
Current rules prevent foreign banks from offering commercial or retail banking services to local corporates or residents, so OCBC has focused on providing key services such as project financing to corporates from Asia, Europe and North America. Recent highlights include a $30 million three-year term loan to finance one of the largest real estate projects in Yangon, and a seven-year, $40.2 million syndicated term loan facility – the first of its kind in the country – to OCK Yangon, with the aim of erecting 900 telecoms towers.
Under general manager Daniel Tan, OCBC has been busy making friends in the local community, providing training to local financial institutions, while extending treasury, money market and cash management services to more than 20 privately owned and state-run lenders.