The Australian and New Zealand Banking Group has formalised the opening of its representative branch in the Republic of the Union of Myanmar.

ANZ already operates in several markets in the Asia-Pacific region, in addition to Australia, New Zealand, Europe, the US and the Middle East. It first announced plans to open in the area in December 2012, after the Myanmar government lifted international sanctions for foreign-owned institutions.

The new branch will be led by Rajesh Ahuja as group representative. Ahuja was previously a director at ANZ Bank in Hong Kong.

Shortly after this announcement, ANZ chairman John Morschel said that they are adding Graeme Liebelt to its board of directors. Liebert most recently served as chief executive at mining firm Orica. He also holds directorships in several boards, including The Australian Foundation Investment Company and Amcor. His appointment takes effect 1 July 2013.