Japan’s SMBC heading to Myanmar special zone

YANGON — Sumitomo Mitsui Banking Corp. will open a branch in Myanmar’s Thilawa Special Economic Zone as early as July. The Sumitomo Mitsui Financial Group unit recently obtained approval from the government. Mizuho Financial Group unit Mizuho Bank already operates a branch in the zone, and Mitsubishi UFJ Financial Group unit Bank of Tokyo-Mitsubishi UFJ has set up a dedicated counter […]

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 […]

Thai firms join 24 foreign firms at Yangon business matching event

Two Thai firms joined a business-matching event in Yangon last week, which was attended by 24 Japanese corporations and 13 Myanmar companies. The aim was to introduce business partners to customers in response to their requirements and business strategies. These firms represented diverse industries – from food and restaurants, daily-use products and consumer equipment to […]

Bangkok Bank injects $200 million into its Yangon branch

Bangkok Bank demonstrated its optimism in Myanmar’s economic potential through the injection of US$200 million (Bt6.75 billion) into its Yangon branch, a bigger sum than what was brought in by the four foreign banks that have already opened branches here. “This will help us service our customers further, not only in terms of funding but […]

For foreign lenders, Myanmar is no zero-sum game

SINGAPORE – A Foreign bank setting up a branch in Yangon must take its first step together with eight other lenders, all eager to tap a country that has been in isolation for more than 50 years. But international lenders noted that co-operation, not direct competition, will serve the greater good for now. “Competition among […]

Banks on charm offensive in Myanmar

FOREIGN banks venturing into Myanmar are expected to flex their muscles by investing in, and advising, the fledgling local financial market – and that includes efforts to lift standards of local bank staff. The charm offensive in recent years cannot be underestimated. Besides proving long-term commitment to this frontier market, international lenders need the blessings […]

OCBC plans to up capital in 3 years

Opening its branch on Thursday, Singapore’s Oversea-Chinese Banking Corp (OCBC) sees the possibility that the branch’s capital would be raised within three years. On the first day of operations, over 10 accounts were opened. OCBC is the second to open a branch in the country, after the Bank of Tokyo-Mitsubishi UFJ which opened its door […]

Two Japan Banks First Foreign Banks to Open Myanmar Branches

Japan’s two top banks are set to open branches in Myanmar this week, becoming the first foreign banks to set up shop in the country: a place viewed by many as one of the “last frontiers.” Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. will open branches on Wednesday and Thursday in the center […]

First foreign banks in Myanmar herald possible sector shake-up

This week’s arrival of the first three foreign banks to be allowed to open branches in Myanmar has already signalled a possible shake-up of the banking sector, with Japan’s Sumitomo Mitsui Banking Corporation expressing interest yesterday in eventually acquiring a minority stake in Kanbawza (KBZ), Myanmar’s largest lender. Hiroshi Minoura, vice chair of SMBC, one […]

Mitsubishi UFJ Financial Group

The first of three foreign banks to open branches in Myanmar this week – Bank of Tokyo-Mitsubishi UFJ (BTMU) – says there is no turning back for economic reforms and that patience is the key for success. “If we look at the long term, Myanmar has lots of potential. The liberalisation of the country and […]