ENGLEWOOD, Colorado– The Western Union Company (NYSE: WU), a global leader in payments, has 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.