ANZ Bank to Withdraw From Myanmar Over ‘Operational Complexity’
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Australia & New Zealand Banking Group Ltd plans to withdraw from Myanmar by next year citing increasing “operational complexity”, underscoring how global companies are turning cautious on the country after a 2021 military coup.
The move to cease operations in Myanmar is subject to local regulatory approval and the lender has been “working with its Institutional customers to transition to alternative banking arrangements,” it said in a statement on Tuesday.