United Bank to set up office in Myanmar

United Bank of India has received approval from Central Bank of Myanmar for setting up of a representative office in Yangon. It is the first Indian bank to have presence in the country, said a press statement issued by the bank.

The bank has already received RBI’s approval for opening its representative office in Myanmar, the bank’s Executive Director, Mr Deepak Narang, had said recently. “…Though we will not be able to carry out financial transactions through our representative office, we will get leads which can then be routed into our branches,” he said.