Green light for MetLife to set up rep office in Myanmar
18 October 2013
Category: News, Asia, Myanmar
By Asia Asset Management
MetLife has received regulatory approval from Myanmar's Directorate of Investment and Company Administration to establish a representative office in the country. With regulatory approval, the firm is now focusing on completing the registration procedure and preparations for the establishment of a representative office.
In announcing the news, Dr. Nirmala Menon, senior vice president, head of designated markets and health, Asia for MetLife said: "In line with MetLife's enterprise strategy to grow our business in emerging markets, we are pleased to announce that we have received the approval to open a representative office in Myanmar. With its economic growth prospects and favourable demographics, Myanmar is an attractive market for MetLife's continued expansion ambitions into Southeast Asia, and follows our recent announcement of the formation of a joint venture with Bank for Investment & Development of Vietnam. With our proven track record and deep experience in working with the regulatory authorities in newly emerging markets, we wish to contribute to the development of a vibrant insurance market in Myanmar."
Dr. Menon added: "We look forward to opening our representative office here. We are committed to gaining first-hand market intelligence, working closely with the relevant authorities as they undertake important policy reforms, and helping build capacity in Myanmar's insurance industry. We hope in time to build a sustainable operational model and grow our presence in this market to serve the needs of the people of Myanmar."