[THE INVESTOR] Shinhan Bank, South Korea’s fourth-largest bank by assets, said on Sept. 20 that it has set up a branch in Myanmar as part of its diversification strategy.

Shinhan Bank said it won final approval to start operations in Yangon, the former capital of Myanmar, from the local financial authorities last week.

It marked the first time for a South Korean lender to set up a branch in the Southeast Asian country. This has has raised the number of its overseas branches to 147 in 20 countries.

Shinhan Bank said its branch could help South Korean companies enter the Myanmar market as it will offer them services such as money remittance in dollars and trade settlements, as well as loans in dollars.

(theinvestor@heraldcorp.com)