No European, Thai banks for Myanmar’s new banking licences
European banks will not be included in the second round of foreign banks receiving new banking licences in Myanmar
"Only banks with representative offices can apply for the licences, but there are not many European banks with representative offices here," Hset Aung, vice chairman of the Central Bank of Myanmar, said on the side-lines of the CBM Net Machine opening ceremony on Monday.
Since last month, the central bank has been open for expression of interest. In the announcement dated December 14, it did not specify the number of licences to be awarded or the date when the licensing process would be completed.
In the first round, nine foreign banks were awarded licences, including Bangkok Bank. The others were from Australia, Japan, Malaysia, China and Singapore.
Branches open
All opened their local branches last year, after the licences were awarded in October 2014.
In the second round, foreign banks from these countries are excluded.
"The main objective of the second round is to further promote existing economic cooperation," the central bank said.
In the first round, three other Thai banks participated – Krungthai Bank, Siam Commercial Bank and Kasikornbank.
Kasikornbank president Teeranun Srihong told The Nation that his bank would continue serving in Myanmar through a network of local and foreign correspondent banks.
"The opportunity is not lost as we can still offer offshore services through our partners," he said.
