Frontier Markets: Myanmar, Explosive GDP Growth

The reason I’m revisiting Myanmar is because recently the State Bank of India (SBIN), together with the Vietnam Bank for Investment and Development, Taiwan’s E SUN Commercial Bank (2884:TT), and South Korea’s Shinhan Bank, were all granted permits to operate in that country. Last year, the first round of permits were granted to ANZ Banking […]

Myanmar admits more foreign banks ahead of NLD accession

BANGKOK — Myanmar has given preliminary operating licenses to four more foreign banks, following the government’s decision in late 2014 to grant licenses to an initial nine foreign banks. The move — just before a new administration led by Aung San Suu Kyi takes over on April 1 — highlights a rush by the incumbent […]

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 […]

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 […]

Singapore firms rush to Myanmar, a slice of good life in hand

SINGAPORE — Three years after Myanmar liberalised its economy, a second wave of Singapore companies is flocking to the rapidly-developing South-east Asian country — setting up upmarket pre-school centres, swanky bars and eateries, as well as building posh condominiums. Quaich Bar and the Whisky Store, the Les Amis Group, as well as pre-school operator Modern […]

UOB first foreign bank to offer Myanmar onshore loan

SINGAPORE: The Republic’s United Overseas Bank (UOB) has become the first foreign bank to announce an onshore loan in Myanmar, after nine foreign banks were granted provisional operating licences in October last year. In a statement on Tuesday (May 6), UOB said it is offering onshore financing to Rangoon Excelsior – a French-Myanmar joint venture. […]

OCBC branch in Yangon starts operations

OCBC Bank has taken a key step forward into the large untapped Myanmar market with its Yangon branch commencing operations yesterday. It is one of the first three foreign banks to have won final regulatory approval from the Central Bank of Myanmar, along with Sumitomo Mitsui Banking Corp and Bank of Tokyo-Mitsubishi. Sumitomo Mitsui opened […]

UOB to finance new power plant in Myanmar

SINGAPORE: United Overseas Bank (UOB) announced on Monday (Apr 20) a financing agreement with Singapore-based company Royal GK – a company commissioned to help meet Myanmar’s rising demand for energy. Royal GK, an engineering procurement and construction company, was contracted by the Myanmar Central Power Co (MCPC) to procure gas engines for the construction of […]

Singapore investments soar in Myanmar

SINGAPORE’S investments in Myanmar are soaring, with the amount pumped in by organisations rising 41.5 per cent from 2012 to hit $311.4 million in 2013. Spending has been particularly strong in the areas of urban development, connectivity and finance, said Ms Lai Shu Ying, the South-east Asia director of trade agency International Enterprise (IE) Singapore. […]

Ready to open bank account

The Myanmar economy is set to begin a new era following the commencement of operations by three foreign banks this month The banking industry is bracing for a new era with three foreign banks getting the green light to open branches this month – the first time in half a century. Six other foreign banks, […]