August 19, 2016

THE BANKS FROM BEYOND — CBM grants operating license to four more foreign banks

A member of staff of a local seen bank counting cash.
A member of staff of a local seen bank counting cash.

FOUR foreign banks have been granted preliminary approval by the Central Bank of Myanmar (CBM) to operate in the country, reaching 13 foreign banks in total in the country, according to the announcement of the CBM yesterday. The bid-winning foreign banks are Bank for Investment and Development of Viet Nam—BIDV, Taiwan’s E.SUN Commercial Bank, South Korea’s Shinhan Bank and the State Bank of India.
According to the announcement, the preliminary approval to prepare for commencement of banking  from day one of business and will have to comply with requirements laid down by the Central Bank of Myanmar.
“Upon fulfillment of the above-stated requirements the Central Bank of Myanmar will grant the final license (to the winners) to operate in Myanmar,” the announcement said.
This is the second time Myanmar has allowed foreign banks to open 100-per cent-owned branches inside the country in more than five decades following permits to nine foreign banks in October last year to operate in the country.


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