CBM grants second foreign bank subsidiary licence

The Central Bank of Myanmar granted a banking licence to IBK Myanmar Limited to operate subsidiary outlet of Industrial Bank of Korea in the country out of seven foreign banks during its third round of foreign bank licencing on 30 December.
IBK Myanmar Ltd is the second bank to establish a branch in Myanmar, and it can provide banking services of Financial Institutions Law Section (52) like other local banks.
Granting licences to foreign bank subsidiaries can make competitiveness in banking sectors with the local banks and create modern banking business to offer international banking services to the people.—MNA (Translated by Khine Thazin Han)

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