Banking Services: CBM Grants Operating License To Four More Foreign Banks

The Central Bank of Myanmar (CBM) has granted license to four more foreign banks as the preliminary approval to operate the tasks in Myanmar, according to the Global New Light of Myanmar. The announcement of CBM said the numbers of granting license to foreign banks reached 13 in total in the country.The bid-winning foreign banks are Bank for Investment and Development bank from Vietnam, the Taiwan Commercial Bank and other two banks are from the South Korea and India. According to the announcement, the preliminary approval to prepare for commencement of banking from day one of business and will have to comply with requirements laid down by the Central Bank of Myanmar. This is the second time Myanmar has allowed foreign banks to open 100-per cent-owned branches inside the country in more than five decades following permits to nine foreign banks in October last year to operate in the country.