For­eign banks fin­ish li­cence leg­work

The Myanmar Times - - Business -

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.

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