SBI granted operating licence by Myanmar
India’s largest lender State Bank of India (SBI) has been granted preliminary approval to operate Myanmar.
SBI was granted operating licence by Myanmar Government along with three other Asian banks. They are Bank for Investment and Development of Vietnam, Sun Commercial Bank of Taiwan and Shinhan Bank of South Korea.
With this, total 13 foreign banks have now been given permission to operate inside the Myanmar so far in an attempt to attract overseas investment to the emergent nation.
Under the earlier junta rule, Myanmar’s banking system was closed for decades to outside competition. However since 2011 after end a half-century of harsh military rule, Myanmar’s semi-civilian government has granted licenses for foreign banks to open business in the country in the hope of reversing isolation that saw the country become one of Asia’s poorest.