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Shinhan to open Myanmar branch in Q1

All Headlines 15:50 March 06, 2016

SEOUL, March 6 (Yonhap) -- Shinhan Bank, a major South Korean lender, said Sunday it plans to tap into the Myanmar market by opening a new branch there in the first quarter of 2017, speeding up its efforts to expand to the Southeast Asian market.

Shinhan said the branch will open in Yangon, the financial hub of the country. It marked the first time for a South Korean bank to win the preliminary right to operate in Myanmar.

The company said Myanmar plays a crucial role in tapping deeper into the Association of Southeast Asian Nations market, adding that the country has boasted an annual economic growth rate of 8 percent since 2011.

The stabilized political conditions of the country will also beef up economic growth, the bank added. Shinhan plans to win official approval within one year.

colin@yna.co.kr
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