The logo of the Australia and New Zealand Banking Group Ltd. (ANZ) is displayed outside a bank branch in Sydney

ANZ wants to pull out of the pariah state of Myanmar after facing “increasing operational complexity”.

ANZ has announced it will pull out of Myanmar, deal a blow to the country’s military junta and potentially increase pressure on other foreign banks to desert the regime.

In a brief statement released on Tuesday afternoon, the major Australian bank said it would cease operations in Myanmar by early next year “subject to approval by local regulators”.

The move was welcomed by activists targeting ANZ earlier this month after leaked records showed the bank had facilitated at least a handful of payments held by foreign companies at a military-controlled bank in Myanmar.

ANZ said it had faced “increasing operational complexities” in Myanmar in recent months and was “working with its institutional clients to transition to alternative banking arrangements”.

“The decision follows a careful review of local operating conditions,” said ANZ International Managing Director Simon Ireland.

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

“Our international network and supporting our clients’ trade and capital flows in the region is a critical part of our strategy and will remain so over the long term.”

#ANZ #pull #pariah #state #Myanmar #facing #increasing #operational #complexity

Leave a Comment

Your email address will not be published. Required fields are marked *