YANGON, July 4 (Xinhua) -- The Central Bank of Myanmar (CBM) has awarded a service license to the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), according to an announcement of the Central Bank Monday.
After receiving the license from the Foreign Bank Licensing Committee, the BIDV is to commence operations from July 1.
The CBM has awarded preliminary approval of operating licenses since March to four foreign banks -- BIDV, E SUN Commercial Bank from China's Taiwan, Shinhan Bank from South Korea, and State Bank of India from India.
The preliminary approval is valid for one year during which the banks are required to take necessary measures to ensure functional banking operation from day one of business and comply with requirements laid down by the CBM.
At present, nine foreign banks which had been awarded services licenses in October in 2014, have already opened branches in Myanmar, including three from Japan, two from Singapore, and one each from China, Malaysia, Thailand and Australia-New Zealand.
According to the CBM's regulations, foreign banks are only permitted to provide corporate banking services to foreign firms and have a maximum of one branch at present. They are prescribed to have a minimum paid-up capital of 75 million U.S. dollars.
