Vietnam’s BIDV says will be prioritised in next Myanmar bank licence issue

BIDV, Vietnam’s biggest partly private lender by assets, said on Wednesday it would be prioritised in the next issue of banking licences by Myanmar, citing comments by the country’s president during a meeting with the bank’s chairman.

BIDV, which wants to open a branch in Myanmar having failed in the first license issue, said more would be offered, likely in 2016.

In a statement, it said Myanmar President Thein Sein had on Tuesday told BIDV’s chairman “the government will give priority to BIDV”.

Nine lenders were approved earlier this year to set up and offer limited service in Myanmar, such as providing foreign currency loans to foreign firms operating there.

The move was one of the biggest economic reforms yet by a country in dire need of capital after decades of isolation during the military rule that ended in 2011.

Those banks include ANZ Banking Group, Bangkok Bank , Malayan Banking Bhd (Maybank), Mizuho Bank, United Overseas Bank, Bank of Tokyo Mitsubishi UFJ, Sumitomo Mitsui Banking Corp (SMBC) and Oversea-Chinese Banking Corp Ltd.

Source: Tuoitre News

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