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Thai banks hope to licenses in Myanmar

Thai banks with representative offices in Myanmar have a strong interest in applying for restricted-services licences, after Myanmar recently opened up for such applications from foreign banks for the first time. Four Thai banks have representative offices in Myanmar – Bangkok Bank, Krungthai Bank, Siam Commercial Bank and Kasikorn-bank. If they can obtain the banking licences, they will be able to receive deposits and provide loans, unlike now when they can only provide consultancy services. The Central Bank of Myanmar plans to make between five and 10 licences available this year for limited banking services. Only the 42 banks that have already opened representative offices are allowed to submit expressions of interest to win the restricted banking licences.

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