DUBAI, UAE, September 12, 2012 /PRNewswire/ --
Myanmar
Oriental Bank first Agent signed;
Western
Union poised to expand Agent presence and link its global network
to Myanmar
The Western Union Company (NYSE: WU), a global leader in
payments, today announced the signing of Myanmar Oriental Bank, its
first Agent to offer Western Union® Money
Transfer[SM] Services in
Myanmar. The service will
offer Myanmar citizens a reliable
and swift way to receive money from family and loved ones from
around the world.
Western Union is one of the first global money transfer
companies to operate in Myanmar,
paving the way for formalized international money transfers three
months after countries led by the US, European Union and
Australia decided to lift
investment and trade bans against the country.
Over two million Myanmarese are estimated to be employed across
Thailand, Malaysia, Singapore, Bangladesh, Japan, Korea, US, Europe and Australia.
Myanmar Oriental Bank, a leading domestic bank in operation for
19 years, is among the first batch of private banks to be
authorized to operate foreign currency services in Myanmar.
With a network of 19 locations, including representation in main
commercial cities of Yangon,
Mandalay, Mawlamyaing and Monywa, the Bank will work with Western
Union to activate its services in accordance with Central Bank
regulations.
"We are encouraged by the speed with which Myanmar Oriental
Bank, the Myanmar Central Bank and others in Myanmar are facilitating economic change for
their people. Western Union is pleased to be a part of this
defining economic change in Myanmar," said Drina
Yue, Managing Director and Senior Vice President, Western
Union, Asia Pacific.
"We are proud to provide a reliable financial link between
overseas Myanmarese and their families back home. Our aim is to
expand our network expeditiously and provide 100 percent coverage
of countries popular with millions of Myanmarese abroad," she
said.
"We are extremely proud to be linked into Western Union's
impressive global network linking Myanmar to the rest of the world," said Mr.
Mya Than, Chairman of Myanmar
Oriental Bank.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
June 30, 2012, the Western Union,
Vigo and Orlandi Valuta branded services were offered through a
combined network of approximately 510,000 agent locations in 200
countries and territories. In 2011, The Western Union Company
completed 226 million consumer-to-consumer transactions worldwide,
moving $81 billion of principal
between consumers, and 425 million business payments. For more
information, visit http://www.westernunion.com.
About Myanmar Oriental Bank
Over the past 19 years, the bank has grown as one of the leading
domestic banks in Myanmar -
contributing its efficient and reliable banking services to the
promotion of financial intermediation in the country.
With its banking network of 19 branches, the bank accepts
current, fixed and saving deposits, and extends commercial loans
and offers other facilities including remittance and trustee
services to its customers.
The bank takes pride to be among the selected few allowed to
engage in foreign banking where the bank is eager to facilitate
foreign banking services to its customers. It was also among the
first batch of six private banks to be permitted to open currency
exchange counters including in the commercial cities of
Yangon, Mandalay, Mawlamyaing and
Monywa.
The bank has a subsidiary leasing company, the Oriental Leasing
Company Limited (OLCL), which extends financial assistance to its
customers in acquiring their household and other durable consumer
items. This is the first ever leasing company in Myanmar.
As a leading member bank in the Myanmar Payment Union, the bank
has introduced ATMs and debit card facility for the promotion of
electronic payment system in the country.
As of 31 Mar 12 (end of their
financial year): Myanmar Oriental Bank's total income was about
11 bil Kyat ($12.6M) and net profit was $2.7M. With registered capital of $5.75M, this represents 47% ROE, and 2.26% ROA.
Interest income from loans and investment accounts for about 85% of
its total income.
SOURCE Western Union