Type to search

UOB to Cut Ties With Myanmar Banks on Sept 1 – Nikkei

The biggest foreign bank in Myanmar warned local banks last week it will restrict all payments to and from Myanmar accounts, a move could help bring a quicker end to the country’s bitter civil strife

UOB to cut ties with Myanmar banks on Sept 1, 2023.
Singapore's UOB has finally realized that being the foreign bank of choice for one of the world's most notorious and hated military regimes is a risk to its reputation (Reuters file photo).


Singapore’s United Overseas Bank (UOB) has told banks in Myanmar it will cut ties with them on September 1 – a move that “could significantly restrict the military regime’s access to the global financial system”, according to a report by Nikkei on Wednesday, which comes just days after United Nations investigators said that war crimes committed by Myanmar’s military, such as the bombing and burning of civilian homes and buildings, had become “increasingly frequent and brazen”.

UOB, which is “the offshore bank of choice for Myanmar’s generals”, big companies and cronies, warned Myanmar banks last week that it would restrict all incoming and outgoing payments to and from Myanmar accounts, as well as put curbs on Visa and MasterCard transactions, and close Myanmar banks ‘nostro’ accounts at its Hong Kong branch, the report said, adding that the “unprecedented” move followed US pressure to stop funding the military regime and growing concern about the risk to it – and Singapore’s – reputation, after UN Rapporteur Tom Andrews revealed recently that Singapore was a key hub for arms deals for the despised military regime.

Financial experts have said the impact of the decision could be huge, it said.

Read the full report: Nikkei Asia.




EU, US Sanctions Aim to Curb Funds for War in Myanmar


Crime Gangs Control Some Myanmar, Laos Economic Zones: UN


Myanmar Sets Up China-Made CCTVs in More Cities


Myanmar-China Traders Battered by Forex Rates, New Rules


Singapore Urged to Freeze Accounts Holding Myanmar Reserves



Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


AF China Bond