[Date Prev][Date Next][Thread Prev][Thread Next][Date Index ][Thread Index ]

21 foreign bank offices still opera



Subject: 21 foreign bank offices still operating in myanma

21 foreign bank offices still operating in myanmar 

Xinhua, Yangon 20 October 1999. Only 21 foreign bank representative offices
are still in operation out of the 39 stationed in Myanmar, the October
issue of the Today magazine reported. The 21 bank offices include those
from Bangladesh, France, China's Hong Kong, Japan, South Korea, Malaysia
and Singapore. The 18 others have withdrawn for various reasons, including
the impact of the Asian financial crisis. These foreign bank offices were
set up in the country after it reformed its financial management system in
line with the market-oriented economic policy introduced in late 1988. As
the first phase of its financial reform, Myanmar allowed the
establishment of foreign bank representative offices in the country as well
as local private banks. The
reform process entered the second phase in the last two years with the
signing of memorandums of
understanding on setting up joint-venture banks between six Myanmar private
banks and six foreign
banks which had already opened offices in Myanmar. Meanwhile, the number of
local private banks has
fallen to 17 from 19, the magazine said. Of the local private banks in
Myanmar, the Asia Wealth Bank,
the Yoma Bank and the Myanmar Mayflower Bank are leading in business and
have opened 32, 28 and
12 branches respectively. 


Internet ProLink PC User