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SBI gets approval to open branch in Myanmar

The State Bank of India has received a preliminary approval to open branches in Myanmar. It is among the four new foreign banks, which have been allowed to have wholly-owned branches in the country. The other three banks are Vietnam’s Bank for Investment and Development, Taiwan’s E.SUN Commercial Bank and South Korea’s Shinhan Bank. The Central Bank of Myanmar said after due consideration, the Licensing Committee has decided to grant preliminary approval to prepare for commencement of banking operations in Myanmar to four foreign banks. It added that the preliminary approval is valid for 12 months during which the successful applicants will have to fulfill commitments made, take all necessary measures to ensure functional banking operation from day one of business and will have to comply with requirements laid down by the central bank. Upon fulfillment of the above-stated requirements the central bank will grant the final license to operate in Myanmar. This is the second time Myanmar has allowed foreign banks to open 100%-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. In April last year, Japan’s Tokyo-Mitsubishi UFJ became the first foreign bank in decades to open a branch in Myanmar.

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