In­done­sian bank to seek rep­re­sen­ta­tive of­fice in Myan­mar

Mizzima Business Weekly - - NEWS -

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]

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