Sign Up
..... Connect Australia with the world.
Categories

Posted: 2022-11-22 04:04:05

ANZ has announced it will pull out of Myanmar, dealing a blow to the country's military junta and potentially ramping up pressure on other overseas banks to turn their backs on the regime.

In a brief statement issued on Tuesday afternoon, the major Australian bank said it would cease its Myanmar operations by early next year "subject to local regulatory approval".

The move has been welcomed by activists who took aim at ANZ earlier this month after leaked records showed the bank had facilitated at least a handful of payments that foreign companies hold with a military-controlled bank in Myanmar.

ANZ said it had been facing "increasing operational complexity" in Myanmar over the past several months, and was "working with its institutional customers to transition to alternative banking arrangements".

"The decision follows careful consideration of the local operating conditions," said ANZ's international managing director, Simon Ireland. 

"We thank the team for working tirelessly to support our customers during this time.

"Our international network and supporting the trade and capital flows of our customers around the region is a critical part of our strategy, and will continue to be for the long term."

View More
  • 0 Comment(s)
Captcha Challenge
Reload Image
Type in the verification code above