YANGON—The Export-Import Bank of Korea is now planning to open a representative office in Myanmar where there are more than 30 representative offices of international banks, according to the bank.
On December 18, the Directorate of Investment and Company Administration allowed the bank to open a representative office in Yangon to operate banking and financial services in the Southeast Asian country.
The bank, which has its headquarters in Seoul, was established in 1976. Its primary purpose is to support South Korea’s export-led economy by providing loans, financing mega projects and thereby facilitating economic cooperation with other countries.
The bank mainly operates banking and banking management services. It has branches in the U.S., Japan, France, China, India, Indonesia, and United Arab Emirates.
In Myanmar, international firms including the UK’s Standard Chartered Bank, South Korea’s KB Kookmin Bank, and Taiwan’s E.SUN Bank have opened representative offices.
Although members of the Myanmar Banking Association have received approval to enter into joint ventures with international banks, the Central Bank has not yet allowed foreign banks to invest fully in Myanmar.
Source: ELEVEN Myanmar