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May 29, 2020

State Bank of India launches branch office in Yangon

Deputy Governor of the Central Bank of  Myanmar  Daw  Khin Saw Oo lits candles to officially open representative office of the State Bank of Myanmar. Photo: Supplied
Deputy Governor of the Central Bank of Myanmar Daw Khin Saw Oo lits candles to officially open representative office of the State Bank of Myanmar. Photo: Supplied

The State Bank of India opened its representative office in Yangon yesterday, becoming the first Indian bank to open a branch in Myanmar, with aspirations of becoming an important link in trade and commerce between Myanmar and the world.
Mrs Arundhati Bhattachara, Chairman, State Bank of India (SBI) inaugurated the 54th foreign branch of SBI in the presence of Deputy Governor of the Central Bank of Myanmar Daw Khin Saw Oo and top management from SBI.
The bank has an initial capitalisation of US$75 million and has more than 12 clients in Myanmar currently with focus areas of business in the fertilizer, oil and gas sector, said Mrs Bhattachara to the Global New Light of Myanmar.
“We have many customers in India and they already have business connections with Myanmar,” she added.
“Definitely, Indian firms in Myanmar are one of the focused area (of SBI) in Myanmar,” said an official of the bank.
On inauguration day, the bank saw two new bank accounts, she added.
The bank’s target customers are foreign corporations in Myanmar, both local and foreign financial institutions and local corporations partnered with local financial institutions.
Earlier this year, SBI was awarded a banking license to open a branch in Myanmar.
Bilateral trade between India and Myanmar rose from US$ 328 million in 1997-98 to US$ 2.052 billion in 2015-2016.—GNLM

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