25 banks shortlisted for licences
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Twenty-five foreign banks have made it to the next round in the bid to be licensed to operate in Myanmar, according to a statement from the Central Bank of Myanmar on July 15.
The 25 foreign banks are qualified to advance to next consideration round, and were selected from 30 pre-qualified banks that vied for the licences.
Currently, Myanmar has representative offices of 42 foreign banks. Several leading international banks with Myanmar representative offices are absent from the list of 25 including Standard Chartered and South Korea’s Hana Bank and Woori Bank.
According to the release, the Licensing Committee will now evaluate each proposal and access details under quantitative and qualitative criteria.
“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,” said the release.
The banks on the list include ANZ bank from Australia, Industrial and Commercial Bank of China (ICBC); BRED of France; State Bank of India; Japan’s Mizuho Bank, Bank of Tokyo, Mitsubishi UFJ, Sumitomo Mitsu Banking Corporation; Malaysia Maybank, OCBC, RHB Bank and CIMB; State Bank of Mauritius, Singapore’s OCBC, DBS and United Overseas Bank; South Korea’s Kookmin Bank, Shinhan Bank and Industrial Bank of Korea; Taiwan’s Cathay United Bank, E SUN Commercial Bank and First Commercial Bank; Thailand’s Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Kasikornbank and BIDV from Vietnam.
