E. SUN Commercial Bank, a private bank from Taiwan officially opened its branch in Yangon on November 9.
Myanmar government officials, leaders of local and foreign companies, including Deputy Governor of the Central Bank of Myanmar, Taiwanese businesses operating in Myanmar and the local financial services industry were present at the opening ceremony.
E. SUN Bank Yangon branch’s aim is to join forces with the Bank’s other outlets in Taiwan and in the region for assisting in connecting Taiwanese and local business opportunities and to provide excellent cross-border financial services, thereby making the most reliable partner to business seeking to make inroads into the ASEAN market.
According to President Joseph Huang, E.SUN will invest $ 75 million in its branch in Yangon. “We will increase our capital investment in the future. $40 million out of the $75 million deposits will go to the central bank. We will use $35 million for banking operations,” says Huang, at the opening ceremony. Established in 1992, E.SUN Bank is the largest bank in Taiwan, opening its representative office in Yangon in July 2013.
In March, the central Bank of Myanmar picked four more banks to open branches: the Bank for Investment and Development of Vietnam, E. SUN, Shinhan Bank from South Korea and the State Bank of India.
General manager Jacky Chiang of the Yangon branch says, “I believe that we can give better services in the country. Myanmar sees rapid economic growth. I take pride in being a part of the country’s economic growth. We will cooperate on the development path as much as we can.”