YANGON—Myanmar has allowed the Export-Import Bank of Korea to open a representative office in Yangon, according to the Directorate of Investment and Company Administration.
The bank registered at the DICA on December 18 to open its office.
Established in 1976, the bank has supported South Korea’s export-led economy by providing loans, financing mega-projects, and facilitating economic cooperation with other countries.
Foreign banks from several countries have already opened representative offices in the country. To name a few, Malayan Banking Berhad (MAY Bank), China’s Industrial and Commercial Bank, and the Bank for Investment and Development of Vietnam have all opened offices here.
Official figures show that most foreign banks that have entered Myanmar are from Asian countries. According to the Central Bank of Myanmar, foreign banks are not allowed to open any branches in the country yet.
Source: ELEVEN Myanmar