United Overseas Bank (UOB) provides first onshore loan to Myanmar hotel project

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May 8, 2015, 5:29:35 AM5/8/15

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YANGON, May 8 (Xinhua) -- A Singapore-based bank -- the United Overseas Bank (UOB) has provided its first onshore loan to a French-Myanmar joint venture company for refurbishing a new hotel in Yangon following the opening of its branch in the city, official media reported Friday.

UOB is one of the nine international banks granted licenses in October 2014 to open a local banking branch in the commercial city to provide services to foreign companies such as trade and project financing, corporate loan and cash management solution.