E. Sun Bank opens Yangon branch Monday
Bangkok, Oct. 2 (CNA) Taipei-based E. Sun Commercial Bank's Yangon branch is set to begin official operation Monday, which will make E. Sun Bank the first Taiwanese bank licensed by Myanmar's central bank to operate a branch in the country.
After several years of preparation, E. Sun Bank's Yangon branch received its business license on Sept. 27 and will target Taiwanese and foreign business clients after its opening, according to the bank.
Taiwan's First Commercial Bank has had a representative office in Yangon since 1998.
E. Sun Bank, the banking arm of E. Sun Financial Holding Co., currently operates several overseas branches in Hong Kong, Dongguan and Shenzhen in China, Los Angeles, Singapore, Dong Nai in Vietnam and Sydney, respectively, according to the Financial Supervisory Commission (FSC), Taiwan's financial regulator.
Eying the immense opportunities in Myanmar amid the country's rapid development following its economic opening and reforms, many foreign and Taiwanese enterprises have extended their presence in the country, according to the Taiwan External Trade Development Council (TAITRA), a non-profit trade promotion organization in Taiwan.
TAITRA began holding the annual International Automobiles Parts & Car Accessories Trade Fair in Yangon four years ago.
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