Allowing foreign banks’ branches to provide banking services to local corporates
9 November, 2018 | Myanmar, Uncategorized
The Republic of the Union of Myanmar
Central Bank of Myanmar
Directive No. (6/2018)
Date: 8 November 2018
Subject: Allowing foreign banks’ branches to provide banking services to local corporates
- CBM had granted license to foreign bank’s branches to provide wholesale banking services to foreign corporates, local and foreign financial institutions, and local corporates in partnership with local financial institutions.
- In addition, with CBM’s Directive No. 9/2017 dated 8th December 2017, CBM has permitted foreign banks’ branches to provide export financing and related banking services to local corporates.
- In order to promote local corporate’s access to finance, Central Bank of Myanmar issued with this directive to permit foreign banks’ branches to provide banking services (i.e. any financing and other banking services) to local corporate’s.
On behalf of Chairman
– To all foreign banks
- Office copy, interdepartmental circular letter