The Foreign Banking Licensing Committee has announced the award of Foreign Bank Licenses in Myanmar.
The nine banks that have received preliminary approval are:
- Australia and New Zealand Banking Group (Australia)
- Bangkok Bank (Thailand)
- Bank of Tokyo-Mitsubishi UFJ (Japan)
- Industrial and Commercial Bank of China (China)
- Malayan Banking Berhad (Malaysia)
- Mizuho Bank (Japan)
- Oversea-Chinese Banking Corporation (Singapore)
- Sumitomo Mitsui Banking Corporation (Japan)
- United Overseas Bank (Singapore)
Each bank will be allowed to open one branch and cannot conduct retail banking. They can only lend to foreign investors in foreign currencies, not the local kyat, unless they partner with local bank.
A-MCC would like to extend its congratulations to ANZ Bank.