Singapore banking giant upgrades office in Yangon, Myanmar.

DBS Bank, the Singapore-based private bank, has strengthened its operations in Myanmar with the unveiling of its newly-renovated representative office in Yangon.

The office, located at the heart of the Yangon business district, was established in 1993 to support the financial needs of Singapore and Asia-based corporations with business interests in Myanmar. In a statement, the bank said that the renovation marks its "next phase of growth" in the country, where it already offers credit facilities, trade finance, cash management and treasury advisory. 

"Many companies in Asia, including DBS, view Myanmar as an emerging market with great opportunities for growth," said Sim S Lim, group executive of DBS.

In 2011, the bilateral trade between Singapore and Myanmar reached some S$1.8 billion ($1.44 billion), with Singapore holding its place at Myanmar's sixth largest investor. The city-state has cumulative foreign direct investments of S$4.4 billion as at the end of 2011. Singapore is also the third largest trading partner of Myanmar after China and Thailand.