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Shinhan Bank kicks off Myanmar operation

Collected: 2016.09.22

Distributed: 2016.09.23

Source: Go Direct

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Shinhan Bank became the first Korean commercial bank to launch full-fledged banking service in Myanmar. The company running 147 outlets in 20 countries hopes to become a household banking brand in Asia.

According to Shinhan Bank on Tuesday, it officially opened a branch in the Yangon Myanmar Plaza Building. The Korean bank established a representative office in the Southeast Asian country in 2013 and won a preliminary license for banking operation from the local authority six months ago. Other Korean banks so far have failed to gain a business license.

The bank will mainly be providing services to Korean firms in Myanmar.

The contribution from overseas operations to the bank’s net profit shot up to 10.5 percent in 2015 from 2.9 percent in 2010.

By Roh Seung-hwan

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