ANZ Banking Group (ASX:ANZ) is among the first international banks to score a preliminary banking licence in Myanmar.
The licence will allow ANZ to provide banking services to the foreign companies operating in Myanmar and local financial institutions.
The bank says the development is a milestone for its super regional strategy and part of its ambition to connect customers with trade and investment flows across Asia.
ANZ expects Myanmar to be one of the fastest growing economies in the region over the medium term due to the nation’s size, economic potential and strategic position.
The bank established a presence in Myanmar in last year when it opened its representative office in Yangon.
ANZ reported a net profit of $3.38 billion in the six months to the end of March 2014.
