25 Nov Resona Holdings and Myanmar Apex Bank form alliance

Written by Ko Ko Gyi Published in Service Read 2853 times
Myanmar Apex Bank  Photo: PME Electric
Myanmar Apex Bank has joined with Japanese Resona Holdings Inc to provide services to Japanese companies.  Photo: PME Electric

Japan-based Resona Holdings Inc. and Yangon-based Myanmar Apex Bank signed a Memorandum of Understanding on business collaboration to provide banking services on November 24, in a ceremony at the Sule Shangri-La Hotel, Yangon.

Resona is a financial group comprising of three banks - Resona Bank Ltd, Saitama Resona Bank Ltd, and the Kinki Osaka Bank Ltd - controlled by Resona Holdings Inc., a financial holding company.

“This is the first collaboration with a foreign bank for Myanmar Apex Bank,” the bank’s owner U Chit Khine told Mizzima.

“This collaboration can provide banking services for Japanese companies operating in Myanmar, and Myanmar people staying in Japan,” U Chit Khine said at the signing ceremony.

There will be wide ranges of banking services provided among customers of both Myanmar Apex Bank and Resona Holdings Inc, he said.

The collaboration will help to service Japanese companies looking to borrow in the local currency.

Mr Kazuhiro Higashi, president of Resona Holdings Inc. and Resona Bank, said at the ceremony that Resona Holdings is the fourth largest lender in Japan and has over 600 branches.

“We [Resona Holdings] can provide management systems for bank branches, technical skills for operating retail banking business, and other banking services [through collaboration],” Mr Higashi said.

Established in July 2010, the Myanmar Apex Bank under the Eden Group Limited has K34.61 billion in paid-up capital and 47 branches throughout the country.

Last modified on Tuesday, 25 November 2014 16:20