A total of 13 foreign banks have submitted applications in Myanmar’s second round of foreign bank licensing, according to the Central Bank of Myanmar.

The 13 banks include the Bank for Investment and Development of Vietnam; Taiwan’s Cathay United Bank, CTBC Bank, E.SUN Commercial Bank, First Commercial Bank and Mega International Commercial Bank; South Korea’s KB Kookmin Bank and Shinhan Bank; the State Bank of India; the State Bank of Mauritius; Taiwan Business Bank; Taiwan Cooperative Bank; and Taiwan Shin Kong Commercial Bank.

Nine foreign banks were granted licences in 2014 and they now operate in Myanmar under rigid conditions – they are barred from competing against local lenders in the retail banking sector and are only allowed to run one branch.

Applicants who were unsuccessful in 2014 are eligible to participate in the final stage of the process this time around, according to the central bank.

The Central Bank indicated that the final decision would be made by 31 March.

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