China's ICBC to operate bank services in Myanmar
Updated: 2014-10-01 15:22
(Xinhua)
|
|||||||||
YANGON - The Industrial and Commercial Bank of China (ICBC) was allowed to open its branch for financial services in Myanmar for the first time among foreign banks licensed by the Central Bank of Myanmar (CBM) on Wednesday.
Eight other foreign banks also obtained similar licenses for banking operation in Myanmar.
These banks will provide services only to foreign companies and local banks but not to local companies and individuals.
The approved banks were shortlisted from over 30, which bid for the licenses in the first phase of selection in July.
The bid-winning foreign banks are set to start their business operation within a year.
As of June, there are 43 foreign bank representative offices in Myanmar, which also has 25 private and four state-owned banks.
ICBC Singapore issues 4b yuan of offshore RMB bonds | Massive loan to boost Chinese media |
- Chinese show love for country ahead of National Day
- Latest report on 100,000 Strong Initiative is discussed
- Dine Around Downtown returns for 13th year
- Perfect World signs MoU with Columbia University
- China, US bid to work together
- Xinjiang's first high-speed railway to start operation
- Ambassador's National Day greetings
- It's time to celebrate
Most Viewed
Editor's Picks
Alibaba - Journey of the tech giant |
Top 10 cheapest new energy cars promoted in China |
11th China-ASEAN Expo |
Go Wuxi: Canal city in transition |
Budding businesses of the digital age |
Top 10 most used desktop instant messaging tools |
Today's Top News
First Ebola case reported in US: CDC
100 foreigners get Friendship Award
US firms remain optimistic about China
China marks first Martyrs' Day
Chinese, Indian troops withdraw from border standoff
China eases home purchase restriction
Protest continues in HK as bus service interrupted
Donation from Chinese group enables classes to keep going
US Weekly
Geared to go |
The place to be |