ANZ announced yesterday that it will close its office in Myanmar early next year due to “increasing operational complexity”. 

ANZ has had a team in Myanmar since 2015, supporting the local and cross-border needs of its institutional clients.

The bank said the closure is subject to local regulatory approval but in the meantime it is working with clients to transition them to alternative banking arrangements.

Since 2016, ANZ has reduced its retail banking presence in Asia Pacific but has maintained its institutional network.

Whether the closure of the Myanmar office is purely related to local issues or signals the start of a rationalisation of the institutional network remains to be seen. A spokesperson said there have not been any other closures.

ANZ’s network includes offices in 11 countries in the Pacific and 13 countries in Asia.