Foreign Banks operating in Myanmar can now open branches across all of Myanmar to provide banking services to retail customers. This has been awaited eagerly and provides another boost to the economy. Any subsidiaries of foreign banks are also included. The liquidity and large resources of these banks will be of huge value to businesses in Myanmar. This announcement was made by The Central Bank of Myanmar, (CBM).
A distinction was made to highlight the detail that subsidiaries can be a local bank. Their company incorporation structure being such that they are operating as an individual business. Whereas local branches of foreign banks are part of the head office. In future, any existing or new branches can register to operate as subsidiaries.
It is interesting to note that within the CBM, the Foreign Bank Selection Committee, which oversees the selection process of Foreign Banks, is now inviting “eligible consulting firms having an office in Myanmar to submit the Proposals for rendering consulting services in the selection of foreign banks”.
FocusCore opened in Myanmar in 2014. We, like many others, saw the waves of change arriving in Myanmar. These have been ongoing, introduced by a government with the express objective of opening Myanmar to the world. We have services to help companies establish company incorporation here, also providing these new companies with a fast track route to operating in Myanmar. For these and established organisations, our services also include bookkeeping, office and personnel search, and corporate legal services.
If you have been following our blogs you will have seen our many texts on the changes arriving in Myanmar. We are often one of the first sources to bring news. For up-to-date guidance on procedures here, and with always a finger on the pulse of information, contact us – we can provide valuable information, and rapid and durable solutions.
