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Manulife Re-enters Myanmar

Manulife the leading Canadian-based finan- cial services group and one of the world’s largest, has officially opened a representa- tive office on 24 May. The move marks the company’s first steps towards re-establish- ing operations in Myanmar after a 70-year absence.

‘Myanmar was actually one of Manulife’s earliest markets in Asia. We’re confident that, in light of its large, dynamic population and the positive changes in its economy, it can be a major part of our future too,’

said Indren Naidoo, Manulife’s Regional Ex- ecutive.

At the official opening ceremony in Yangon was H.E. Dr. Maung Maung Thein, Deputy Minister, Minister of Finance, Republic of the Union of Myanmar, along with Mark McDowell, Canadian Ambassador to Myan- mar. Also present was U Aye Min Thein, MD of Myanmar Insurance and Secretary of the Insurance Business supervisory Board (IBSB). Manulife was represented by Mr. Naidoo.

Manulife has in recent years increased its focus on Asia, where it already operates across 12 markets, targeting the region’s rapidly expanding middle class. Manulife’s last entry into Asia was in 2012, when it be- came the first insurer to begin operations in Cambodia. The company was established in Asia as far back as 1897 and now employs nearly 9,000 people and 52,000 contract- ed agents with its regional headquarters in Hong Kong.

Manulife operated in Myanmar from 1903 until World War Two disrupted business. The company anticipates that over the next two years with projected economic growth of close to eight percent, one of the highest in Asia, that there will be a good market for its products and services.