With a growing interest in the Myanmar market amongst Sri Lankan businesses, Sampath Bank PLC hosted an informative seminar on doing business in Myanmar at the Cinnamon Grand Colombo, recently.
His Excellency Hon. Han Thu, Ambassador of the Republic of the Union of Myanmar to Sri Lanka was the chief guest of the event.
Delivering the key note address, Mr. Nanda Fernando, Managing Director, Sampath Bank PLC, gave the audience comprising of over 75 senior representatives from leading Sri Lankan enterprises a comprehensive view of doing business in Myanmar.
Mr. Mariano Suariz, Partner, Thanlwin Legal, Myanmar apprised them about the prevailing laws of Myanmar including amendments that have been introduced to make the country an investor friendly destination.
The event also included a panel discussion on educating and raising awareness about the market with Mr. Mariano Suariz, Mr. Nanda Fernando, members of the Bank’s corporate management team, and Mr. Lakkhana Gunaratne, Manager, Myanmar Representative Office, Sampath Bank PLC as the panelists.
The event is part of Sampath Bank’s ongoing efforts to support Sri Lankan businesses with current or planned investments in Myanmar, a market where the Bank has been operating a representative office since October 2015. The Bank’s Foreign Currency Banking Unit (FCBU) helps facilitate finances for these business entities and also provides financial services to other local and international enterprises. In 2017, Sampath Bank concluded a loan transaction with Yangon based hotel developer Family Business Group Hotel Limited (FBGHL), creating history as the first Sri Lankan bank to have closed such a large value transaction in Myanmar.
Working together with the FCBU, the representative office plays an advisory role too, offering assistance with regulatory and legal clearances, from incorporation to growing the business, for existing and potential Sri Lankan investors in the market. The team also helps connect business people from both countries with the aim of facilitating mutually beneficial relationships.