United Bank of India gets RBI nod for opening representative office at Myanmar

United Bank of India - (Amalgamated) | Bank - Public | BFSI | BSE: 533171 | NSE: UNITEDBNK

21 Mar 2012 Evaluate

United Bank of India has received Reserve bank of India’s (RBI) nod for opening representative office at Yangoon, Myanmar. This will be the maiden venture of a bank incorporated in India to have its presence in Myanmar. The office is expected to be opened during the first quarter of the next financial year. The bank will now seek permission of Central Bank of Myanmar for opening its representative office over there.

Earlier, looking at the possibility of increased business opportunity in Indo - Myanmar trade, the board of directors of the bank approved opening of a representative office in Yangoon, Myanmar.

The proposed representative office will not handle any financial transaction rather the officials will devote for removing all bottle necks in trade settlement process and will work in unison with all other agencies in achieving the target set by the Government in boosting of trade volume from present level of $1.5 billion to $3.00 billion within next three years.

United Bank of India is now the designated banker for Indo - Myanmar trade. It has been facilitating settlement of trade transactions in EURO and Singapore Dollar (SGD) through the account of banks in Myanmar being maintained with its Mumbai Overseas Branch. The barter trade at Moreh - Tamu is executed with assistance of Moreh Branch of the Bank.