21 foreign banks: France is only Eu

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Subject: 21 foreign banks: France is only European Nation Burma Banking Agencies ?????????

David Arnott wrote:
> 
> 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 The 18 others have withdrawn for various reasons, including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.
> 
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