Burma to Grant Foreign Banks Licenses by End of September

Burma to Grant Foreign Banks Licenses by End of September

By JARED FERRIE / REUTERS| Saturday, May 31, 2014 |

ANGOON — Burma will grant foreign banks limited operating licenses by the third quarter of this year, in a bid by the country’s semi-civilian government to attract foreign investment into an economy just emerging from decades of military rule.

An official document sent to more than 30 foreign banks with representative offices in Burma, and seen by Reuters, shows that as many as 10 foreign banks will be allowed to set up one branch each to provide restricted services, including granting loans to foreign corporates.

Lending to local companies will require the foreign banks to cooperate with local institutions, the document shows.

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