Japan’s SMBC heading to Myanmar special zone

YANGON — Sumitomo Mitsui Banking Corp. will open a branch in Myanmar’s Thilawa Special Economic Zone as early as July. The Sumitomo Mitsui Financial Group unit recently obtained approval from the government. Mizuho Financial Group unit Mizuho Bank already operates a branch in the zone, and Mitsubishi UFJ Financial Group unit Bank of Tokyo-Mitsubishi UFJ has set up a dedicated counter […]

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 […]

Banks on charm offensive in Myanmar

FOREIGN banks venturing into Myanmar are expected to flex their muscles by investing in, and advising, the fledgling local financial market – and that includes efforts to lift standards of local bank staff. The charm offensive in recent years cannot be underestimated. Besides proving long-term commitment to this frontier market, international lenders need the blessings […]

Two Japan Banks First Foreign Banks to Open Myanmar Branches

Japan’s two top banks are set to open branches in Myanmar this week, becoming the first foreign banks to set up shop in the country: a place viewed by many as one of the “last frontiers.” Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. will open branches on Wednesday and Thursday in the center […]

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, […]