The Industrial and Commercial Bank of China (ICBC) Yangon branch, the first Chinese commercial bank operating in Myanmar, has inaugurated its new center in Myanmar's Yangon.

At the opening ceremony on Friday, Chinese Ambassador Hong Liang hoped the ICBC Yangon branch to become one of the most powerful and efficient foreign banks in Myanmar and called for promotion of financial and monetary cooperation between China and Myanmar, as well as construction of the China-Myanmar Economic Corridor.

The industrial and commercial communities of the two countries are exerting efforts to establish the Myanmar-China Chamber of Commerce, Ambassador Hong added.

Daw May Toe Win, director-general of the Foreign Exchange Management Department of the Central Bank of Myanmar, pledged to continue strengthen banking supervision by guiding foreign banks such as ICBC in the country to create a better regulatory environment for the development of Myanmar's financial industry.

He Biqing, CEO of the ICBC Yangon branch, said the bank opened its Yangon branch three years ago as a new journey to serve Myanmar's economic and social development and the new ICBC center will bring new financial service experience to the customers.

The bank launched its Yangon branch in September 2015 and it has effectively promoted the economic and trade exchanges between China and Myanmar, especially for the economic development of Myanmar.

Its Yangon branch has made financial market transactions such as foreign exchange trading with a number of local banks and provided financial support in real estate, construction and printing.

The ICBC has a global service network with international financial centers in Asia, Africa, Latin America, Europe, the United States and Australia covering 45 countries and regions around the world.

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