MEB, six private banks to lease K30 billion to SMEs

Myanma Economic Bank, teaming up with six private banks will give K30 billion loans to small and medium enterprises (SMEs), according to Ministry of Industry. The country’s SMEs can acquire loans from the Myanma Oriental Bank, Ayeyawady Bank, from Co-Operative Bank (CB), commonly known as CB Bank, the Myanmar Citizens Bank, the Kanbawza Bank and […]

Mizuho to open second office, at Thilawa SEZ

Japanese bank Mizuho will become the first foreign lender to open a second office in Myanmar, after opening its Yangon branch earlier this year. The bank has been granted approval to open a front office in Thilawa special economic zone, a spokesperson confirmed. Mizuho aims to open the office within the year, said a company […]

Maybank to help Myanmar firms raise regional capital

Maybank will offer a number of services in Myanmar including project finance and corporate lending, said Pollie Sim, CEO of international business at the Malaysian bank. It will also be willing to help companies raise capital through regional equity or debt markets, she said at the launch of the bank’s Myanmar branch office on October […]

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 […]

Myanmar considers LNG to meet growing energy demand

Energy demand in Myanmar is rising fast. The country is abundantly rich in natural energy resources, but the investment of capital and technology will not be able to unlock these resources in time to fulfill the growing need for power. In the meantime, the Ministry of Energy is considering its options for imported fuel to […]

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 […]

Local banks want partners in order to build capacity

With some foreign banks expected to begin operating in 2014, bankers are increasingly looking to the government and finance organisations to get them up to speed Despite continued efforts on the part of local banks to upgrade services ahead of the anticipated inclusion of foreign competition, bankers claim that they will require outside help in […]

Foreign banks get gradual access to market

Though foreign banks are hoping to enter the banking market in Myanmar as quickly as possible, more regulation and infrastructure – and a number of intermediary arrangements – are needed before that can happen, officials told an international banking and finance conference in Yangon on July 16. Daw Naw Eh Hpaw, deputy director general of […]