Last year The Industrial and Commercial Bank of China (ICBC) ICBC was one of nine overseas banks and the only bank from China, to apply for and receive a licence to operate in Myanmar as issued by The Central Bank of Myanmar. Now they have opened in Myanmar. (Please see our other web pages that list other banks offering banking services in Myanmar).
Indeed in 2014, ICBC was listed as being 1st in the Top 1000 World Banks (using tier 1 capital valuations). Further, it was granted the accolade of being The Banker’s Global Bank of the Year. Listed in 138 countries their claim is recognised as being the World’s largest bank.
So by any measure this is a massive injection of financial muscle that can only accelerate further growth and development in Myanmar. We doubt if any further evidence is needed as to the level of opportunities in Myanmar. We urge you to contact us now to discuss opportunities for your company in Myanmar. ICBC are known to identify and respond to “once-in-a-lifetime opportunities” setting up new branches and linking to their global service network, in emerging markets. FocusCore opened offices here in early 2014 and are well placed to advise on legal, financial, compliance, recruitment, visa and commercial matters and also offer corporate support services under these headings.
Myanmar financial guidelines currently restrict overseas banks to provide only a subset of services; these include wholesale banking services for overseas, local and international financial institutions and loan services for local businesses when they are in receipt of a loan from a local bank. ICBC is not at present authorised to provide retail banking facilities.
Interestingly, following our recent blog on the YSX, the bank will also offer advanced foreign exchange facilities and trading, allowing customers to buy currencies forward, also swaps and exchange and interest rate instruments.
Over the last 20 years ICBC has expanded in huge terms, its overseas operations. The first foreign branch was opened in Singapore in 1992.
We expect soon to report the opening of the Australia and New Zealand Banking Group (ANZ) in Myanmar, before the deadline of October.