United Bank of India has commenced operations at its representative office at Yangon in Myanmar.
United Bank is the first bank from India to open an office in Myanmar. The setting up of a representative office is likely to give a boost to the Indo-Myanmar trade, said a press statement issued by the bank.
No financial transactions
Though the representative office will not handle any financial transaction, officials will maintain liaison with the Government, banks and traders and will extend help and cooperation toward resolving all issues relating to settlement of trade-related transaction between both the countries, the release said.