Central bank says it is still on track to grant licences to foreign banks this month

Between five and 10 licences will be granted to foreign banks to operate in Myanmar by the end of this month, Dr Set Aung, deputy governor of Central Bank of Myanmar, said on September 14, denying speculation that the bank was delaying the announcement.

“We said before that the announcement will be made in the third quarter of this year so the announcement will take place by the end of this month,” he said. He said rumours that the central bank was either delaying the announcement or scrapping the plan were unfounded as the central bank would make the announcement during the timeframe it said it would.

He reiterated that at least five foreign banks would be granted licences and that the number could be as high as 10.

The central bank has received applications from four Thai banks: Bangkok Bank, KasikornBank, Krung Thai Bank and Siam Commercial Bank. It has also received applications from four Japanese banks – Mizuho Bank, Mitsubishi Bank, Sumitomo Bank and Mitsui Bank – and three Malaysian banks: CIMB, May Bank and RHB. Three South Korean lenders – Kookmin Bank, Shinhan Bank and the Industrial Bank of Korea – as well as three banks from Taiwan: Cathy United Bank, E.SUN Commercial Bank and First Commercial Bank. Two Singaporean lenders – OCBC and DBS – have applied, as well as China’s ICBC, State Bank of India, State Bank of Mauritius, BRED from France, Australia’s ANZ Bank and Vietnam’s BIDV Bank.


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