Standard Chartered Bank, one of the world’s best-known international banks, has been given a license to reopen a representative office in Rangoon, according to a report by The Banking Times. The bank’s CEO for Asia, Jaspal Bindra, said that Standard Chartered had more than 150 years of history in Burma. Its return to the country means that Standard Chartered is the only major international bank to operate in all 10 members of the Association of South East Asian Nations, the report said. The bank is based in the UK, but derives around 90 percent of its profits from Africa, Asia and the Middle East.
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