SkyscraperCity banner

1 - 20 of 125 Posts

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #1 ·
Myanmar may allow foreign banks by 2015

http://www.todayonline.com/Business/EDC120324-0000052/Myanmar-may-allow-foreign-banks-by-2015

BANGKOK - Myanmar will probably allow international banks to operate by 2015 as it revises laws to attract foreign investment, a senior official at the country's largest commercial bank said yesterday.

The authorities plan to complete amendments to laws on banking, insurance and foreign exchange operations "in a few months", said Mr Than Lwin, deputy chairman of Kanbawza Bank and a former deputy governor of Myanmar's central bank.

The decision to allow foreign banks will coincide with an agreement to integrate South-east Asian countries that takes effect in 2015, he said at an investment seminar in Bangkok. The moves are expected as part of a broader opening of Myanmar's economy.

Myanmar's financial system remains primitive by international standards, and the country only recently got its first ATMs. The country also employs a confusing multiple exchange-rate system, though Myanmar's government is widely expected to change that system in favour of a single exchange rate soon, possibly as early as next month.

Mr Lwin said he also believes Myanmar's central bank may further reduce deposit and lending rates, currently as high as 13 per cent, to bring them more in line with countries in the 10-member Association of South-east Asian Nations. Agencies
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #2 ·
List of Government Banks

1) Central Bank of Myanmar
26 (A), Sethmu Rd., Yankin Tsp.
Tel : (01) 543751


2) Myanma Agriculture & Dvpt. Bank
26-42, 2nd Flr., Pansodan St., Kyauktada Tsp.
Tel : (01) 250426


3) Myanma Economic Bank
43-45, Pansodan St., Kyauktada Tsp.
Tel : (01) 285604


4) Myanma Economic Bank
21-25, Sule Pagoda Rd., Pabedan Tsp.
Tel : (01) 283610


5) Myanma Foreign Trade Bank
80-86, Maha Bandoola Garden St., Kyauktada Tsp.
Tel : (01) 370994


6) Myanma Inv. & Com. Bank
170-176, Merchant St., Botahtaung Tsp.
Tel : (01) 280395


7) Sibin Tharyar Yay Bank Ltd.
526-532, Merchant St., Kyauktada Tsp.
Tel : (01) 243549, 243548, 252433
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #3 ·
List of Private Banks

8) Co-operative Bank Ltd. (CB Bank)
334-336, Cor. of Strand Rd. & 23rd St., Latha Tsp.
Tel : (01) 372641, 372646, 372655
E-mail : [email protected]
http://www.cbbank.com.mm


9) First Commercial Bank
443-A, Pyay Rd., Kamayut Tsp.
Tel : (01) 700986
E-mail : [email protected]


10) First Private Bank Ltd. (HQ)
619-621, Merchant Rd., Cor. of Bo Sun Pat St., Pabedan Tsp.
Tel : (01) 252412, 251747, 251748, 246786


11) Innwa Bank Ltd.
554-556, Cor. of Merchant Rd. & 35th St., Kyauktada Tsp.
Tel : (01) 254642, 254642, 254645, 254646


12) Kanbawza Bank Ltd. (KBZ Bank)
615-1, Pyay Rd., Kamayut Tsp.
Tel : (01) 538075, 538076, 538078, 538080
E-mail : [email protected]


13) Myanma Livestock & Fisheries Development Bank Ltd.
004-104, Zeyamon, Bayint Naung Rd., Mayangon Tsp.
Tel : (01) 682761, 682762


14) Myanmar Citizen Bank Ltd.
383, Maha Bandoola St., Cor. of 37th St., Kyauktada Tsp.
Tel : (01) 245938, 283719, 245934, 245936


15) Myanmar Industrial Development Bank Ltd.
26-42, Pansodan St., Kyauktada Tsp.
Tel : (01) 249540, 249530


16) Myanmar Universal Bank Ltd. (MUB)
155, Sule Pagoda Rd., Kyauktada Tsp.
Tel : (01) 371839, 371842, 710216


17) Myawaddy Bank Limited.
24-26, Sule Pagoda Rd., Kyauktada Tsp.
Tel : (01) 370558, 370559, 370562
E-mail : [email protected]


18) Tun Foundation Bank Ltd.
165-167, Bo Aung Kyaw St., Kyauktada Tsp.
Tel : (01) 380245, 380242
E-mail : [email protected]
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #4 ·
Foreign Banks


Bangladesh

1) Arab, Bangladesh Bank
9, Thukhawaddy, Gandamar Lane, Yankin Tsp.
Tel : (01) 572701


France

1) Banque Indosuez (France)
33, Pyihtaungsu Yeiktha Rd., Dagon Tsp.
Tel : (01) 222061

2) Banque National De Paris (France)
104 (B), Inya Rd., Kamayut Tsp.
Tel : (01) 532985


Thailand

1) Bangkok Bank Public
12, 6 (B), Myawaddy St., Myayanigon, Sanchaung Tsp.
Tel : (01) 527224
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #5 · (Edited)
Foreign Banks


Bahamas
1) First Overseas Bank Ltd.
69, 003 (G/F), Yuzana Tower, West Shwegondaing Rd., Bahan Tsp.
Tel : (01) 558659, 558658, 542353, 542372


Bangladesh
1) Arab, Bangladesh Bank
9, Thukhawaddy, Gandamar Lane, Yankin Tsp.
Tel : (01) 572701

2) National Bank
26 (A), Pyay Rd., 7th Mile, Bahan Tsp.
Tel : (01) 666177


Brunei
1) Brunei Invesment Bank
305, U Wisara Road, BHN


China
1) Industrial and Commercial Bank of China Limited
No. 601A, 6th Floor, Sakura Tower


France
1) Banque Indosuez (France)
33, Pyihtaungsu Yeiktha Rd., Dagon Tsp.
Tel : (01) 222061

2) Banque National De Paris (France)
104 (B), Inya Rd., Kamayut Tsp.
Tel : (01) 532985

3) Credit Agricole Indosuez
92, Strand Rd., Kyauktada Tsp.
Tel : (01) 250499, 25094

4) Natexis Banque (BFCE)
42, Pyihtaungsu Yeiktha Rd., Dagon Tsp.
Tel : (01) 221268
E-mail : [email protected]


Germany
1) Deutsche Bank
88, Rm# 201, Int'l Business Centre, Pyay Rd., 6 1/2, Hlaing Tsp.
Tel : (01) 667762


Hong Kong
1) The Hong Kong And Shanghai Banking Corp. Ltd
Rm 204, IBC, 88 Pyay Road, 6 1/2 Miles, HLG


Japan
1) Dai-Ichi Kangyo Bank
380, (7th Fl.r), FMI Centre, Bogyoke Aung San St., Pabedan Tsp.
Tel : (01) 243009, 243010

2) Mizuho Corporate Bank Ltd.
380, (7th Flr.), FMI Centre, Bogyoke Aung San St., Pabedan Tsp.
Tel : (01) 243009
E-mail : m[email protected]

3) Sakura Bank Ltd
Rm 605, FMI Centre, 380 Bogyoke Aung San St, PBDN

4) Sanwa Bank Ltd
Rm.706, FMI Centre, 380 Bogyoke Aung San St, PBDN

5) Sumitomo Mitsui Bank Corporation
Rm# 717-718, Traders Hotel, 233, Sule Pagoda Rd., Pabedan Tsp.
Tel : (01) 242828

6) The Bank of Tokyo Mitsubishi
Rm# 403-404, IBC Centre, Pyay Rd., Hlaing Tsp.
Tel : (01) 664416, 664462

7) The Sumitomo Bank Ltd.
(6th Flr.), FMI Centre, Bogyoke Aung San Rd., Pabedan Tsp.
Tel : (01) 248060, 248062

8) The Tokai Bank Ltd
Wizaya Plaza 226 U Wisara Road, SCHG

9) UFJ Bank
339, Rm# 1003, Sakura Tower, Bogyoke Aung San Rd., Kyauktada Tsp.
Tel : 255407, 255055

10) Yoma Bank
1, Kungyan Road, MGTN


Korea
1) Hanna Bank
88, Unit 112, IBC Compound, Pyay Rd., Hlaing Tsp.
Tel : (01) 664081

2) Korea First Bank
80, Thanlwin Rd., Bahan Tsp.
Tel : (01) 514573, 531299

3) Korea Exchange Bank
88, Unit 102-103, IBC, Pyay Rd., Hlaing Tsp.
Tel : (01) 667215, 664734

4) Korea Long Term Credit Bank
IBC Unit 209, 88, Pyay Road, 6 1/2 Mile, HLG


Malaysia
1) Malayan Banking Berhad
26, Thanlwin Rd., Bahan Tsp.
Tel : (01) 524950

2) MBF Bank Ltd.
9-A, Natmauk Rd., Tamwe Tsp.
Tel : (01) 543492

3) Public Bank Berhard
1, Shin Saw Pu Road, SCHG


Netherlands
1) ABN Amro Bank
Rm.702/703, FMI Centre, 380 Bogyoke Aung San St, PBDN

2) ING Bank
339, Rm# 1003, Level 10, Sakura Tower, Bogyoke Aung San St., Kyauktada Tsp.
Tel : (01) 255407
E-mail : [email protected]


Singapore
1) DBS Bank
408/410, Mahabandoola St, Samsung Plaza, KTDA

2) Keppel Tatlee Bank Ltd.
Rm# (03-00), 1, Sedona Business Suites, Kaba Aye Pagoda Rd., Yankin Tsp.
Tel : (01) 544056

3) Oversea-Chinese Banking Corporation (OCBC Bank)
339, Unit 1202, (12th Flr.), Sakura Tower, Bogyoke Aung San Rd., Kyauktada Tsp.
Tel : (01) 255409

4) Overseas Union Bank Ltd, Singapore
Shops Unit 5 & 7, Summit Parkview Hotel 350 Ahlone Road, DGN


Thailand
1) Bangkok Bank Public
12, 6 (B), Myawaddy St., Myayanigon, Sanchaung Tsp.
Tel : (01) 527224

2) Bank of Ayudhya Public Company Ltd
51 (C) Kaba Aye Pagoda Road, YKN

3) Krung Thai Bank Public
46, Kaba Aye Pagoda Rd., Bahan Tsp.
Tel : (01) 548861

4) Siam City Bank Ltd
102, Inya Road, KMYT

5) Thai Farmers Bank Ltd
03-09, Sedona Hotel, YKN

6) Thai Miltary Bank Public Co, Ltd
7 Pyay Rd, 6 Mile, HLG Tsp, HLG


UK
1) Standard Chartered Bank (UK)
Rm# 503, 5th Flr., FMI Centre, Bogyoke Aung San St., Pabedan Tsp.
Tel : (01) 240260, 240274, 240400
E-mail : [email protected]
 

·
Registered
Joined
·
26,685 Posts
Now, the Central Bank of Myanmar (မြန်မာနိုင်ငံတော်ဗဟိုဘဏ် - mran ma nuing ngam taw ba hui bhan) has opened the website yet - Here we go:
http://www.cbm.gov.mm/
http://www.myanmar.com/finance/dept_cbm.html

Now, they just liberate Kyat to be 1 Dollars at 800 Kyat through the managed float mechanism

http://www.irrawaddy.org/article.php?art_id=23185
http://www.irrawaddy.org/article.php?art_id=23199

1 .The Myanma Economic Bank - State enterprise under Jurisdiction of Ministry of Finance
http://www.myanmar.com/finance/dept_meb.html

2. Myanma Foreign Trade Bank - State enterprise under Jurisdiction of Ministry of Finance
http://www.myanmar.com/finance/dept_mftb_01.html

3. The Myanma Investment and Commercial Bank (MICB) - State enterprise under Jurisdiction of Ministry of Finance
http://www.myanmar.com/finance/dept_micb_01.html

4. MYANMA AGRICULTURAL DEVELOPMENT BANK - State enterprise under Jurisdiction of Ministry of Agriculture and Irrigation
http://myanmargeneva.org/e-com/Agri...nmar.com/Ministry/agriculture/Organi/madb.htm

http://www.cbm.gov.mm/index.php?option=com_content&view=article&id=18&Itemid=18&lang=en
Private Sector Banks
1. Myanmar Citizens Bank Ltd (Opened 25 May 1992)
HQ: No-383/Mahabandoola Road,Kyuktada Township, Yangon

2. First Private Bank Ltd (Opened 25 May 1992)
HQ: No-619/621 Merchant Road, Pabedan Township,Yangon

3. Yadanabon Bank Ltd (Opened 27 August 1992)
HQ: No-58(A) 26 Bayintnaung Street Between 84*85 Street, Aung Myay Tharzan Township, Mandalay

4. Myawaddy Bank Ltd (Opened 1 January 1993)
HQ: Plot B-1 Near Thiriyadana Super Market, Hotel Zone, Naypyitaw

5. Yangon City Bank Ltd (Opened 19 March 1993)
HQ: Coner of the Settyon Street & Banyerdala Street Mingalar Taung Nyunt Township,Yangon

6. Yoma Bank Ltd (Opened 26 July 1993)
HQ: No-1, Kungyan street Mingalar Taung Nyunt Township,Yangon

7. Myanmar Oriental Bank Ltd (Opened 26 July 1993)
HQ: No-166/168 Pansodan Road Kyauktada Township, Yangon

8. Asia-Yangon Bank Ltd (Opened 17 March 1994)
HQ: No-319/321 Mahabandoola Road Botadaung Township Yangon

9. Tun Foundation Bank Ltd (Opened 8 June 1994)
HQ: No-165/167 Bo Aung Kyaw Road(Middle), Kyauktada Township Yangon

10. Kanbawza Bank Ltd (Opened 8 June 1994)
HQ: Plot No-1, Oktayathiri Quarter, Naypyitaw

11. Myanma Industrial Development Bank (Opened 12 January 1996)
HQ: Plot No-2, Oktayathiri Quarter, Naypyitaw

12. Myanma Livestock and Fisheries Development Ltd (Opened 9 February 1996)
HQ: No-654/666 Merchant Road Pabedan Township, Yangon

13. Sibin Tharyar Yay Bank Ltd (26 June 1996)
HQ: Plot-2, Compound of Thiriyadanar Super Market, Naypyitaw

14. Innwa Bank Ltd (Opened 15 May 1997)
HQ: No-554/556 Corner of Merchant Road and 35th Street Kyuktada Township, Yangon

15. Co-operative Bank Ltd (Opened 3 August 1992)
HQ: No-334/336 Corner of Strand Road and 23rd street, Latha Township, Yangon

16. Asia Green Development Bank Ltd (Opened 2 July 2010)
HQ: No-168, Thiri Yatanar Shopping Complex, Zabu Thiri Township, Nay Pyi Taw

17. Ayeyarwaddy Bank Ltd (Opened 2 July 2010)
HQ: Block (111, 112), Asint Myint Zay, Zabu Thiri Township, Nay Pyi Taw

18. United Amara Bank Ltd (Opened 2 July 2010)
HQ: Block (2), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw

19. Myanma Apex Bank Ltd (Opened 2 July 2010)
HQ: Block (10), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw
http://www.cbm.gov.mm/index.php?option=com_content&view=article&id=19&Itemid=19&lang=en


Bangkok Bank Representative Office in Myanmar:
12/6B, Myawaddy Street,
Myenegone (North) Sanchaung
Township, Yangon, Union of Myanmar
Tel: (95-1) 527-280
Fax: (95-1) 527-224
http://www.bangkokbank.com/Bangkok ...s/Pages/Representative Office in Myanmar.aspx

Sadly, no Krung Thai Bank in Myanmar
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #8 ·
Myanmar launches new currency system Monday: bank source

http://www.reuters.com/article/2012/03/31/us-myanmar-kyat-exchange-idUSBRE82U06I20120331

By A Reuters staff reporter

YANGON | Sat Mar 31, 2012 6:42am EDT

(Reuters) - Myanmar will launch a new currency regime on Monday that will bring in a managed float of the kyat, a senior banker said, outlining the boldest economic reform yet as a civilian government opens up the country after years of isolation.

The Central Bank of Myanmar (CBM) has published little so far about the new system. It has announced that the currency regime would change from April 1, which is the start of a new fiscal year but also a Sunday, when commercial banks are closed.

The CBM is expected to announce a reference rate for the kyat against the dollar at around 9:30 a.m. on Monday (0300 GMT) after banks put in bids at an auction, the banker told Reuters on Saturday, declining to be named because he was not authorized to speak to the media.

"April 2 will be the first day of the auction," he said.

In the auction, banks can make up to six bids each but are committed to their rates, if accepted by the CBM.

Banks will then be allowed to buy and sell the currency in a trading band 0.8 percent either side of the reference rate.

A band of 2 percent on either side of the reference rate had been planned but that had been changed after a meeting between the central bank and commercial banks this week, the source said.

The new rate is expected to be near the recent black market range of 800 to 820 kyat per dollar, which is already used for most transactions in the country.

An official rate of around 6.4 kyat to the dollar has been used in the past by the government and some state firms, although the budget for the coming fiscal year was set using a rate of 800.

LENGTHY PROCESS

The process of unifying the rates could take two to three years, Maung Maung Win, deputy governor of the central bank, told Reuters on Thursday.

The overhaul of Myanmar's dual currency system is the centerpiece of dramatic economic reforms as the Southeast Asian country opens up to democracy and foreign investment.

The banker said 11 banks had taken part in a trial auction with the CBM earlier in March and these would be taking part in the auction on Monday.

Maung Maung Win said 11 private banks plus three state-run banks would initially take part and there were plans to include an additional eight private banks.

Although auctions will be held every business day at the start, Maung Maung Win said the central bank hoped they would not be needed every day once the system was up and running, although it was not clear when that might happen or what the reasoning was.

State firms are the main beneficiaries of the existing currency regime. They use the official rate of 6.4 kyat to the dollar for their imports, compared to the black market rate of about 800 used by other businesses and ordinary people.

The government may extend subsidies and loans to state firms to cushion them from the impact of the new exchange rate regime, Maung Maung Win said.

He said disruption to economic activity from the reform was expected to be limited as state firms only make up about 10 percent of the economy.

The kyat's unofficial rate has jumped from more than 1,000 per dollar in 2009 as foreign money has flowed into the timber, energy and gem sectors. That has hurt a swathe of Burmese, from farmers and manufacturers to traders and employees of foreign firms paid in dollars.

"Some entrepreneurs in fisheries say they can only continue business above 900 (kyat to a dollar). For other traders in beans and pulses it is 850 to 900," said the bank source.

"(The new rate) cannot please everyone but higher or lower is not the matter. The only thing is not to have a lot of fluctuation, but to have it stable so businesses can make adjustments as necessary," he added.

(Writing by Alan Raybould; Editing by Ed Lane)
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #10 ·
Myanmar poised to let in foreign banks

http://mmtimes.com/2012/business/621/biz62104.html

By Patrick Barta
Volume 32, No. 621
March 30 - April 8, 2012

BANGKOK – Myanmar’s government is likely to allow foreign banks into the country by 2015 and will also pass a new foreign investment law in the coming months, a senior official at Myanmar’s biggest commercial bank said last week.

U Than Lwin, deputy chairman of Kanbawza Bank and a former deputy governor of the Central Bank of Myanmar, said he also believes Myanmar’s Central Bank will likely cut interest rates because rates in the country are higher than in neighbouring Southeast Asian nations. The present deposit rate is 8 percent, he said, while lending rates are set at 13pc. He didn’t say exactly when he thought rates could go lower.

U Than Lwin was speaking at an investment seminar in Bangkok organised by Colliers International Thailand and Universal Link Services Co, as well as the Nation Group, a media company.

The moves are expected as part of a broader opening of Myanmar’s economy that has included reforms aimed at attracting more foreign capital after decades of harsh military rule.

Myanmar remains subject to Western economic sanctions, including US rules that block financial transactions with the country. But many analysts believe Western governments will ease those rules or drop them entirely in the coming year in recognition of the country’s reforms.

“If there is any doubt, you can rest assured that this time around we are really changing,” U Than Lwin said. “There is political will from the government.”

Myanmar’s financial system remains primitive by international standards. The country only recently got its first ATMs, and credit cards are not available. The country employs a confusing multiple exchange-rate system, though Myanmar’s government is widely expected to change that in favour of a single exchange rate soon, possibly as early as next month.

U Than Lwin said that KBZ Bank – Myanmar’s biggest commercial bank in terms of assets – was hoping to get ahead of those changes by expanding its branch network. He said Myanmar’s banks were working to install Swift systems so they can initiate correspondence relationships with foreign banks, especially in Southeast Asia and Japan. He said they were also negotiating with companies such as Visa for possible applications in Myanmar, though he didn’t elaborate.

He said the new foreign-investment law, which is expected to offer tax holidays for foreign investors and make it easier to set up businesses there, would be done sometime in the next few months.

In addition to re-writing Myanmar’s foreign-investment law, he said, the government was also drafting a new banking law that would aim to give Myanmar’s central bank more independence in setting rates. “Right now, it follows fiscal policy, which is not proper.”

Economists have long worried Myanmar’s Central Bank lacks the independence necessary to manage a more robust and open economy, but steps to bolster the bank could resolve those concerns. U Than Lwin said he expected the banking law to be done in the next several months.

Despite those changes, U Than Lwin said “it will be in the interests of foreigners to wait for the final touches on these laws” before rushing into the country.

He said that under existing financial laws in Myanmar, there are still no provisions for foreign investors to have local borrowing facilities, though they can open accounts in local banks. But by 2015, he said, it is likely Myanmar will let offshore banks operate in the country to help foreign investors fulfil liquidity needs. – Wall Street Journal
 

·
Moderator
Joined
·
34,064 Posts
Discussion Starter · #11 ·
State banks to open abroad: official

http://mmtimes.com/2011/business/597/biz59701.html

By Aye Thidar Kyaw
October 17 - 23, 2011

STATE-OWNED banks will soon open branches abroad in the latest move to bring international money remittances into the legal fold, a number of officials told The Myanmar Times last week.

Central Bank of Myanmar vice chairman U Nay Aye said Myanma Economic Bank, Myanmar Investment and Commerce Bank and Myanmar Foreign Trade Bank would open branches in Thailand, Malaysia and Singapore respectively.

U Nay Aye said that while he was not sure when the branches would open, the move was an attempt to give expatriate Myanmar workers in those countries less reason to use the illegal hundi remittance network and boost the revenues of those banks

“We are still examining what the benefits of opening international branches will likely be and we are also training our staff with the assistance of the Myanmar Bankers Association, which is providing one month of training to each employee,” he said.

He added that six private banks will be allowed to begin offering foreign currency accounts to clients soon, while currency exchange counters have already opened as part of efforts to combat the hundi network.

“We are discussing what we can do to prevent people using the hundi transfer network,” he said.

“The strong point of the hundi network, which we can’t match, is that transfers can be me at any time, even on weekends from any number of locations,” U Nay Aye said.

He added that private banks will in future be allowed to open foreign branches.

An MICB official said the bank’s management was discussing its plans with the Central Bank and would offer more information later.

“Our state-run banks do not yet have international branches but as we move further into a democratic system of governance we believe that international banks will contact us about opening branch offices with them,” he said.

A retired official from a state-owned bank said most bankers here have no experience with international banking practices, while their private competitors have none at all.

“Our domestic banking system should be made more practical and competitive. It needs better technology and must earn the trust of customers by providing better service than is currently offered. If this can be accomplished then there will be no need to transfer money illegally,” he said.

He added that the government should allow more foreign banks to open branches here to allow domestic banks – and bankers – to learn from them.
 

·
Registered
Joined
·
26,685 Posts
World Bank going to reopen the office in Yangon after being shut down in 1987 after Burmese Government refused to honor the debts ... but the first task in Burma is to find the way to help Burmese government to repay 393 Million Dollar Debts owed to World Bank and the other 500 Million Dollar debts owed to Asian Development Bank and other creditors.

Japanese government promising to write off 300 Billion Yen of debts (3.7 Billion Dollars) Burmese government owned to Japanese creditors.

Note: Better use money from selling Natural gas, oil and electricity to pay the debts
http://www.manager.co.th/IndoChina/ViewNews.aspx?NewsID=9550000052412
 

·
Registered
Joined
·
26,685 Posts
Now, K-Bank has made an agreement with Asia Green Development Bank Ltd. to allow the fund transfer by K-BANK ATM machines to the accounts of Asia Green Development Bank in Burma with the maximum rate of 3000 US Dollars a day or 90,000 Baht in the first 11 provinces - BKK, Samut Prakarn, Samut Sakhon (already have Burma Town), Nonthaburi, Pathum Thani, Chiang Mai, Chonburi, Rayong, Surat Thani, Songkla and Phuket - effective on 1 July 2012.

This agreement will allow 500000 out of 1.6 Million legal Burmese workers in Thailand to transfer their hard earning money back home - as Asia Green Development Bank Ltd. is one of 4 Commercials Banks in Burma which have a license to deal with remittance from Burmese workers in Thailand, Malaysia and Singapore.
http://www.manager.co.th/StockMarket/ViewNews.aspx?NewsID=9550000059334
 

·
Registered
Joined
·
26,685 Posts
Kanbawza Bank going to offer international credit cards next year and US government has relaxed the sanction - so far, Kanbawza Bank is negotiating with VISA, Mastercard, China Union Pay and JCB to allow the bank to issue the international credit cards to facilitate the trades and to give more convenience for the tourists


http://breakingnews.nationchannel.com/home/read.php?newsid=643473
 

·
Registered
Joined
·
26,685 Posts
Siam Commercial Bank PCL is making a move to set up the new branch in Burma - after massive expansion from 1094 Domestic branches with 8459 ATM machines to 1150 domestic branches with 8500 ATM machines ... with lower NPL from 2.61% of assets to 2.5% of 1.97 Trillion Baht assets.

The branch in Burma will be representative office until Union bank of myanmar has come up with the new regulation to allow foreign Banks to set up the full branch in Burma wich may take 10 years to become a reality.

The focus for SCB is to help Thai investors in Burma who are going to set up the new energy business, factories and agribusiness in Burma -

For other countries in ASEAN, either new branches or the new alliances to complement with existing international branches and existing alliances will be just fine ... depended upon the circumstance.

However, SCB declines to open the branch in Japan because Japanese investors and customers prefer Japanese Banks which offer lower interest rates
http://www.dailynews.co.th/businesss/146468
 

·
Oz-Asian
Joined
·
6,226 Posts
Maruhan moves into Yangon .

Wednesday, 01 August 2012 May Kunmakara.

.












A Maruhan Japan Bank Plc branch in Phnom Penh yesterday. Photograph: Hong Menea/Phnom Penh Post
The Cambodian branch of Maruhan Japan Bank will foster financial connections between the Kingdom and Myanmar via a representative office the bank opened in Yangon this week.

The office officially opened its doors on Saturday, according to a statement from the bank.

It’s the 21st foreign bank office to open in Myanmar as political and economic reforms take hold in the country closed off for more than 20 years.

“We are incredibly proud to be the first Cambodian bank to support commercial and financial links between Cambodia and Myanmar, and we are confident that this support will contribute to the future success of both countries,” Onishi Shizuo, general manager at Cambodia’s Maruhan, said in a statement.

“We consider ourselves as pioneers within the ASEAN banking industry. Many of our customers are also pioneers in their own respective fields and are keen to capitalise on the business opportunities the changes in Myanmar [and the] ASEAN region will offer.”

Officials with the parent company declined to comment when contacted yesterday.

Cambodia’s largest locally owned bank, Acleda, applied for a micro-finance licensc in Myanmar in mid-June. The process will require about six months for approval, Acleda Chief Executive and President In Channy, said yesterday.

While Maruhan’s role in Myanmar will be primarily a source of information for incoming Japanese businesses, Acleda will actually function as a lender, In Channy said.

“We already formed our team. I went there last week to meet the authorities of the central bank and other authorities of the six states,” he said. “We plan four branches: one in Yangon and three others in other states. But in our master plan, we wish to cover 14 states. But in the first five or six years, we’ll do only six states.”

Acleda will not have a banking licence, but will still offer deposit accounts and money transfers via micro-finance services.

Cambodia’s loan to gross domestic product ratio was about 30 per cent, while deposits to GDP were about 40 per cent, according to In Channy. In Myanmar, however, the same figures were about 5 and 10 per cent.

“We still got a lot more room to grow their,” he said.

Maruhan entered Cambodia’s crowded banking sector in 2008. It was the first Japanese entrant. The bank has seen solid growth, according to a statement.

Loans from Maruhan jumped 300 per cent last year to about US$46 million compared to 2010. Deposits climbed by 16 per cent to $56 million.

http://www.phnompenhpost.com/index.php/2012080157729/Business/maruhan-moves-into-yangon.html
 

·
Registered
Joined
·
26,685 Posts
Let's see the new Foreign Bank Regulation Act before making full branch investment to support foreign investors as well as the remittance ...
 

·
The Explorer
Joined
·
5,130 Posts
Myanmar outlines monetary development master plan
(Shanghai Daily, Aug. 3)

YANGON, Aug. 3 (Xinhua) -- Myanmar has outlined a master plan for monetary development which is to be implemented with the assistance of the World Bank, official media reported Friday.

Under the master plan, arrangement has been made to enact Foreign Exchange Management Law soon, Minister of Finance and Revenue U Hla Tun told a meeting held at the Central Bank of Myanmar in Yangon Thursday, reported the New Light of Myanmar.

The government will allow local private banks to set up joint- venture banks with foreign counterparts that have opened branches in Myanmar, he said, adding that committees have also been formed for development of capital market and plan is also underway to promulgate securities dealing bill soon.
http://www.shanghaidaily.org/article/article_xinhua.asp?id=87025
 

·
Registered
Joined
·
26,685 Posts
^^^
Probably, JV Approach is a compromise Thai Banks can accept if Burmese government does not allow full branches of Foreign Banks at the time being.
 
1 - 20 of 125 Posts
Top