Singapore’s United Overseas Bank (UOB) — which is known as the offshore bank of choice for Myanmar generals — has told Myanmar banks that it will cut off ties with them by September 1, Nikkei Asia reported on Wednesday.
It will also impose tough new curbs on Visa and Mastercard transactions by Myanmar individuals and banks, restricting their dealings to accounts within UOB.
The latest clampdown was also seen as a response to US pressure on Singapore to curb offshore banking and financial services for Myanmar’s military regime.