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Two new private banks to open early next year, recruiter says

Two new banks have already begun recruiting staff ahead of their planned opening early next year, according to the company recruiting for them, Myanmar Tech Solution.

Both are in the process of applying for banking licences from the Central Bank of Myanmar.

Set Aung, deputy governor of the central bank, said recently that it was “currently giving the green light only to policy banks”. “We have yet to give the nod to the private banks,” he added.

The banking sector is widely believed to be laundering money from the narcotics trade, illegal logging and other crimes. The sector is also notorious for the close financial links between the owners of private banks and high-ranking government officials.

There are 22 banks in Myanmar: four government-owned banks and 11 banks linked to the government.

Recently, the central bank allowed two more government linked banks to open: the Construction and Housing Development Bank linked to the Ministry of Construction and the Myanmar Microfinance Bank linked to the Ministry of Cooperatives.

The Myanmar Gem Entrepreneurs Association said it is also planning to open a bank to provide loans to small-scale gem merchants.

Source: ELEVEN MYANMAR

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