UBI signs agreements with three Myanmar Banks

Kolkata, Jun 26 (UNI) United Bank of India has signed agreements with Myanmar Foreign Trade Bank (MFTB), Myanmar Investment&Commercial bank (MICB) and Myanmar Economic Bank (MEB) for routing border trade transactions with Myamnar through Moreh-Tamu point in Manipur.

A UBI statement said here today that the three agreements were signed by UBI General Manager, in-charge of international Banking division, A K Ray and three top Myanmar Banks officials in presence of Union Minister of state (Commerce&Power) Jairam Ramesh in Yangon on Tuesday.

The UBI, a public sector Bank headquarters in Kolkata, is the designated Bank in India for routing of border trade transactions with Myanmar through Moreh-Tamu point in Manipur.

The developments in economic and poltical relationship between India and Myanmar in the recent years had created enormous potential for growth of export-import trade, a UBI official said today.

Arrangement for smooth settlement of cross-border transctions was imperative for exploiting such potentials and the signing of the agreements was a forward looking step, he added.

UNI PC SJC KLC1746