4 more foreign banks get Myanmar licence
Four more foreign banks have been given preliminary approval to operate in Myanmar, state media reported Monday, the latest government attempt to attract overseas investment to the emergent nation.
Myanmar's banking system was closed for decades to outside competition under junta rule, leaving the country laden with a creaking financial infrastructure and a populace deeply suspicious of banks.
But that has slowly begun to change since outright military rule gave way to a reformist government in 2011 that paved the way for last November's landmark elections.
The four new banks that have been given initial approval are Vietnam's Bank for Investment and Development, Taiwan's E. SUN Commercial Bank, South Korea's Shinhan Bank and the State Bank of India, the Global New Light of Myanmar said, quoting the Central Bank of Myanmar.
A total of 13 foreign banks have now been given permission to operate inside the Southeast Asian nation. Most are still in the process of meeting regulations before opening branches but some are already up and running. In April last year, Japan's Tokyo-Mitsubishi UFJ ( BTMU) became the first foreign bank in decades to open a branch inside Myanmar. Among other banks that have opened branches are Japan's Sumitomo Mitsui Banking Corporation (SMBC) as well as Singapore's Oversea-Chinese Banking Corporation (OCBC). Most of the foreign banks who have applied for licences hail from the Asia-Pacific region.