Licences to operate in Myanmar have been issued to nine foreign banks, the Central Bank of Myanmar announced on October 1.
The nine winning banks all come from the Asia-Pacific region, they are; Australia & New Zealand Banking Group Limited, Bangkok Bank, Bank of Tokyo-Mitsubishi Bank UFJ, Industrial & Commercial Bank of China, Malayan Bank Bhd, Mizuho Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation and the United Overseas Bank.
The successful nine come from among the 25 applications the CBM received after U Win Myint, secretary of Pyithu Hluttaw's Banks and Monetary Development Committee, said in July that the Central Bank would grantlicences forup to ten foreign banks to deliver banking services in Myanmar.
The CBM press release did not further clarify the terms of the licence under which the foreign banks will be allowed to operate.
The managing director of the Cooperative Bank, U PhayMyint, told Mizzima on June 10 that he was confident of the bank's ability to compete against foreign banks.
