Indonesian bank to seek representative office in Myanmar
Bank Negara Indonesia is hoping to gain approval to open a representative office in Myanmar, the JakartaGlobe reported on January 28.
The state-owned bank would also be seeking approval from financial regulators in South Korea to open a full branch there, the newspaper said.
It said BNI was among the overseas institutions that were unsuccessful in seeking approval to operate in Myanmar last year, when nine foreign banks were granted restricted operating licences.
The licences limit the banks to one branch, do not permit retail banking and only allow them to lend in foreign currencies unless they partner with a Myanmar bank, in which case they will be permitted to lend in kyat.
BNI's interest in developing a presence in Myanmar and South Korea comes amid an expansion strategy that includes opening branches in Singapore, Malaysia and Saudi Arabia, said media reports in Indonesia. [Mizzima]