Foreign banks finish licence legwork
E.SUN Commercial Bank and State Bank of India – the last of the foreign lenders that won approval to open branches in Myanmar earlier this year – have finished the entry process and begin this week fully licensed.
The Central Bank announced late last week that E.SUN Commercial Bank and State Bank of India had met all the entry requirements and were licensed to start operations from today. There are now 13 fully licensed foreign banks in Myanmar.
The Central Bank announced in March that it would grant four new licences to foreign lenders, following a second round of applications that began in December last year. Bank for Investment and Development of Vietnam (BIDV), the Taiwanese firm E.SUN Commercial Bank, South Korea’s Shinhan Bank and State Bank of India were the successful applicants.
BIDV opened its branch on July 31 after receiving final licensing approval on July 1 and is aiming to boost Vietnamese investment into Myanmar. Shinhan Bank received a licence to start operations from September 20, and said last month that it would open a branch in October. Sister firm Shinhan Card, meanwhile, is rolling out microfinance services.