List revealed of foreign banks to progress to get licences

The Central Bank of Myanmar released the names of 25 foreign banks which have progressed to the next round in the bid to be licensed, according to a July 15 news release.

Some 30 banks had initially been pre-qualified, but only 25 applications were received, the release said. Myanmar has representative offices of 42 foreign banks though many are state-run trade finance banks and thought to not be interested in receiving licences.

“The Licensing Committee will now evaluate each [request for proposal] response following detailed quantitative and qualitative assessment criteria,” the release said.

“The committee looks forward to analysing their plans for the development of the banking sector in the Republic of the Union of Myanmar and to selecting and announcing the successful applicant,” it said.

The banks on the list include:

  1. Australia
    • ANZ Bank
  2. China
    • Industrial and Commercial Bank of China (ICBC)
  3. Fiji
    • BRED
  4. India
    • State Bank of India
  5. Japan
    • Mizuho Bank
    • Bank of Tokyo
    • Mitsubishi UFJ
    • Sumitomo Mitsui Banking Corporation
  6. Malaysia
    • Maybank
    • OCBC
    • RHB Bank
    • CIMB
  7. Mauritius
    • State Bank of Mauritius
  8. Singapore
    • OCBC
    • DBS
    • United Overseas Bank
  9. South Korea
    • Kookmin Bank
    • Shinhan Bank
    • Industrial Bank of Korea
  10. Taiwan
    • Cathay United Bank
    • E.SUN Commercial Bank
    • First Commercial Bank
  11. Thailand
    • Bangkok Bank
    • Krung Thai Bank
    • Siam Commercial Bank
    • Kasikornbank
  12. Vietnam
    • BIDV

Absent from the list are several large international banks with Myanmar representative offices, including Standard Chartered and South Korea’s Hana Bank and Woori Bank. Officials were not immediately available for comment.


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