November 04, 2016

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Thirteen foreign banks allowed to operate in Myanmar

Shinhan Bank Chairman and Central Bank of Myanmar Chairman formally opening the Shinhan Bank.
Shinhan Bank Chairman and Central Bank of Myanmar Chairman formally opening the Shinhan Bank.

A total of 13 foreign banks have been allowed to operate in Myanmar, and Shinhan Bank is among the four new foreign banks that have been given preliminary approval to open 100 per cent-owned branches in Myanmar.
Shinhan is the first Korean bank that has received a foreign bank license to launch a branch in Myanmar. Shinhan Bank will provide services to enhance bilateral trade, investment and offer various banking services for investors in Myanmar to encourage the development of small and medium sized enterprises.
The four new foreign banks granted approval from CBM are the Bank for Investment and Development of Viet Nam (BIDV), E.Sun Commercial Bank, Shinhan bank and State Bank of India.
Banking operations play a crucial role in the country’s economic development, said U Kyaw Kyaw Maung, the governor of the Central Bank of Myanmar (CBM). The grand opening ceremony of Shinhan Bank was held on 1st November in Hotel Sedona, attended by U Kyaw Kyaw Maung, the governor of CBM, U Soe Min, deputy governor of CBM, U Aung Naing Oo, the secretary of the Myanmar Investment Commission, Governor Mr. Zin Woong Seob of Finiancial Supervisory Service of Korea, Mr. Yoo Jar Kyung, the Korean ambassador, Shinhan Bank President and CEO Mr. Cho Yong Byoung, the authorities concerned and the officials from Korea, CBM and local private banks.
Myanmar plays a vital role in tapping deeper into the Association of Southeast Asian Nations market, said Shinhan Bank President and CEO at this opening ceremony.

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