YANGON — Myanmar has granted operating licences to four more Asian banks, bringing to 13 the number of foreign banks allowed to conduct business in the country.
Bank for Investment and Development of Vietnam, State Bank of India, Sun Commercial Bank of Taiwan and Shinhan Bank of South Korea were granted preliminary licences, the Foreign Bank Licensing Committee said in a statement on Friday.
The approval gives the banks 12 months to demonstrate they can fulfill business plans laid out in their applications before they will be granted permanent licences, the statement said.
The decision is just the second time Myanmar has granted licences for foreign banks to open since a semi-civilian government took over in 2011.
In late 2014 authorities granted licences nine foreign banks, also all from Asian countries including Thailand. Myanmar is home to 24 private local banks and four-state owned banks.