The Australia and New Zealand (ANZ) Banking Group has become the last of nine foreign banks to receive a branch licence to operate in Myanmar.
The Central Bank of Myanmar’s licencing committee announced it had awarded a licence to ANZ yesterday, just days ahead of the October 1 deadline.
Yesterday’s announcement allows ANZ to commence operations on October 2.
The nine foreign banks won provisional licences on October 1 last year, following a heated race for access to Myanmar, between a number of large global banks. The winners were given a year to prepare operations to meet the approval of the Central Bank.
All of the other eight banks – Thailand’s Bangkok Bank, Japan’s The Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation, the Industrial and Commercial Bank of China (ICBC), Malaysia’s Maybank, and Singapore’s Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) have already received the green light to open branches.
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Source: Myanmar Times
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