ANZ has announced plans to end its operations in Myanmar by early 2023, pending approval from local regulators. The decision comes amid increasing operational complexities faced by the bank over recent months.
The bank has been collaborating with its institutional clients to transition them to alternative banking arrangements. ANZ's Managing Director for International, Simon Ireland, explained the reasoning behind the move: “The decision follows careful consideration of the local operating conditions. We thank the team for working tirelessly to support our customers during this time."
Ireland emphasized that supporting trade and capital flows within their international network remains a crucial aspect of ANZ's long-term strategy.
Since 2015, ANZ has maintained a presence in Myanmar with a small team dedicated to assisting multinational companies with both onshore and cross-border financial needs, including payroll services.
Customers with inquiries about ANZ's operations in Myanmar can reach out via email at myanmartailmanagement@anz.com.