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UBI to set up office in Myanmar

Bhaskar Sen in Calcutta on Monday. Picture by Kishor Roy Chowdhury

Calcutta, March 19: State- run United Bank of India (UBI) is planning a representative office in Yangon, Myanmar, to facilitate bilateral trade, which is set to double to $3 billion by 2015.

“We are going to set up a representative office in Yangon. We have in-principle approval from the Indian government,” UBI chairman and managing director Bhaskar Sen said at a seminar on India-Myanmar trade relations at the Bengal National Chamber of Commerce and Industry.

Sen said the office could be set up in the first quarter of the next fiscal.

“It will help the traders to reduce the cost of settlement and trade between the two countries will become easier as a result,” he said.

The UBI has signed an MoU with three Myanmar national banks. Sen said other banks such as the Bank of India, the SBI and Exim Bank were also likely to set up offices in Myanmar in the coming days.

 
 
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