Banking Service: First Ever Branch Of India’ Largest Bank In Myanmar
State Bank of India (SBI) opened its branch office in Yangon on Monday.
SBI is the largest bank in India with the experience of more than 200 years.
They received a banking license from the Central Bank of Myanmar early this year with the primary objective of extending wholesale banking services for foreign corporate.
Chairman, Arundhati Bhattacharya, State Bank of India: “Mainly the services that we will provide it obviously credit, a trade finance, tragedy services. So all of these will be what we will provide initially. But all of these are success we will be doing wholesale banking services, we are not allowed to do retail banking. So, basically our support will between industries.”
It is the very first branch from India opened in Myanmar, and it is hoped to contribute for development of trade and relations between the two countries.
Chairman, Arundhati Bhattacharya, State Bank of India: “We believe that is important for us to develop trade and relationship with the neighboring countries. Myanmar also has been having historical and culture linked with India for very long time. So when Myanmar as a country started opening up. It was very natural for us to want to be here. We are neighbors and there is a land route between the two countries. We believe that with the opening of the routes it will help both countries develop.”
In October 2014, nine foreign banks won the licenses from the Central Bank of Myanmar to operate services in the country for the first time in over 5 decades. All the licensed winner banks have now opened their branches.
The Central Bank of Myanmar announced its plan to grant permission for more foreign banks in December last year.
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