ANNOUNCEMENT
New Foreign Bank Licensing in the
Republic of the Union of Myanmar planned for 2016
14th December 2015
In May 2014 the Central Bank of Myanmar initiated a process to open the domestic banking market to foreign banks. Upon successful completion of a stringent licensing process, 9 reputable financial institutions were granted permission to open a branch and conduct onshore wholesale banking business. The Central Bank is pleased to have welcomed these reputable institutions into the country and is thankful for their initial contribution to the Myanmar economy as well as their support to deepen economic ties with corporations and investors from their respective countries.
Encouraged by this success, the Central Bank of Myanmar will initiate a second round of foreign bank licensing early 2016 aiming at welcoming new foreign banks from additional neighboring and important trading partner economies.
The main objective of the second round of licensing is to further promote existing economic cooperation; foreign banks with representative offices in Myanmar or which are in the process of obtaining one will be permitted to participate. Foreign banks headquartered in economies which successfully obtained a License in the first round (Australia, Japan, Malaysia, Peoples Republic of China, Singapore, and Thailand) will not be able to participate this time. The License to be granted will be a License to provide onshore wholesale banking through a branch.
The Central Bank of Myanmar will apply the same stringent selection process and standards as during the first round of licensing. As per that process, the Central Bank of Myanmar will distribute to eligible banks a request for Expression of Interest (EOI) early 2016 to initiate the new licensing round.
The Central Bank of Myanmar
Contact: CBM@CentralBankofMyanmar.com
From: The Central Bank of Myanmar