Thursday, July 27, 2017

Foreign banks picked for licences

The Central Bank of Myanmar has announced nine banks that have won preliminary approval to operate in Myanmar.

The nine banks are Australia’s ANZ Bank, Thailand’s Bangkok Bank, Japan’s Bank of Tokyo-Mitsubisihi, Mizuho Bank and Sumitomo Mitsui Banking Corporation, China’s Industrial and Commercial Bank of China, Malaysia’s Maybank and Singapore’s OCBC and UOB.

The preliminary approvals are valid for 12 months, during which the banks must fulfill their commitments made during the tender process, ensure functional banking operations and follow Central Bank of Myanmar guidelines, the statement said.

“Upon fulfillment of [these conditions], the Central Bank of Myanmar will grant the final Licence to operate in Myanmar,” it said.