Myanmar has granted banking licenses to nine banks to operate in the country, with an aim to boost foreign investment in the country.
Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group; Australia’s ANZ; Singapore’s UOB and OCBC; China’s ICBC; Malaysia’s Maybank and Thailand’s Bangkok Bank have been allowed to do banking business in the country.
The foreign banks can initially open a single branch, and offer corporate and wholesale banking services.
The banks need to invest a minimum capital of $75m to open the branches.
Maybank group president and CEO Datuk Abdul Farid Alias said: "We hope to facilitate greater cross-border trade between Myanmar and our core markets as well as Greater Mekong Subregion, particularly in Yunnan upon the opening of our third China branch in Kunming.
According to the data from International Monetary Fund, Myanmar’s economy is expected to grow by 7.75% in the 2014-15 financial year, reported Reuters.
ANZ said in a statement: "Given its size, economic potential and its strategic position between China and India, Myanmar is forecast to be one of the fastest growing economies in the region over the medium term."
Image: Maybank’s headquarters in downtown Kuala Lumpur, Malaysia. Photo: courtesy of Calvin Teo.