Myanmar Oriental Bank first Agent signed;
Western Union poised to expand Agent presence and link its global
network to Myanmar
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
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 TransferSM 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 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.
WU-F, WU-G
Source: The Western Union Company