Securing a representative office is often the first step for an international bank before launching a full-service branch.

“[This] will strengthen our capability to connect customers across our international network and to access opportunities in Myanmar, as well as connecting our clients in Myanmar with new trade and investment opportunities,” ANZ international chief Alex Thursby said.

In a statement, ANZ said it “continues to be committed to complying with all requirements related to ongoing sanctions.”

Australia has already lifted its autonomous travel and financial sanctions on the Burmese government.

ANZ is also reported to be considering applying for a banking license in Thailand in 2014.

ANZ, meaning Australia and New Zealand Banking Group Ltd, is the fourth largest bank in Australia. It has interests in eight banks throughout Asia, including Indonesia, Malaysia, Vietnam, and two banks in China.