The Central Bank of Myanmar has granted nine overseas lenders licence to open a branch office in the country.

Out of more than 40 foreign banks which have representative offices in Myanmar, 25 foreign lenders had applied to for license in July this year.

The winners are: Australia & New Zealand Banking (ANZ), Bangkok Bank, Malayan Bank Berhad (Maybank), United Overseas Bank, Oversea-Chinese Banking Corporation (OCBC), Bank of Tokyo Mitsubishi, Sumitomo Bank, Mizuho Bank and Industrial & Commercial Bank of China (ICBC) .

The banks now have up to 12 months to fulfill subsequent due diligence before their licences can be finalised and a branch can be formally set up.

The licence would banks in participating in previously restricted services in Myanmar, including providing loans to foreign companies, as well as, domestic banks.

However, they will be permitted to open only one branch each and won’t be allowed to operate a retail-banking business.

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Also, they will be allowed to lend only in foreign currency, and not in Myanmar’s currency, unless they partner with a local bank.