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Myanmar to no longer allow private banks
Publication Date : 30-07-2013
Myanmar will not allow new private banks except for branch offices, which are jointly cooperating with the government, according to a minister.
Currently, there are many application forms from local entrepreneurs, including the Myanmar Microfinance Bank and Housing Development Bank, to open new private banks. There were 20 local private banks that opened end of May this year, according to a statement by the Central Bank of Myanmar.
“We didn’t not grant for the opening of new private banks except for the government’s joint venture banks,” said Deputy Minister of Finance Maung Maung Thein.
The local private banks that got approval are Myanmar Citizens Bank, Cooperative Bank, Yadanapon Bank, First Private Bank, Myawaddy Bank, Yangon City Bank, Yoma Bank, Myanmar Oriented Bank, Tun Foundation Bank, Kanbawza Bank, Asia Yangon Bank, Small and Medium Industrial Development Bank, Myanmar Livestock and Fishery Development Bank, Rural Development Bank, Inwa Bank, Asia Green Development, Ayeyawady Bank, Myanmar Apex Bank and Nay Pyi Taw Development Bank.
Among the 20 private banks, the Myanmar Livestock and Fishery Development Bank has already opened 109 branch offices.
The private banks are preparing to launch their branch offices across the country and they had expected to run over 100 branch offices this year.