Currently, there are many application
forms by local entrepreneurs, including Myanmar Microfinance Bank and
Housing Development Bank, to open new private banks. There were 20 local
private banks being opened until the end of May this year, according to
a statement by the Central Bank of Myanmar.
“We didn’t not grant for the opening of
new private banks except the government’s joint venture banks,” said
Deputy Minister of Finance Maung Maung Thein.
The local private banks are Myanmar
Citizens Bank, Cooperative Bank, Yadanapon Bank, First Private Bank,
Myawaddy Bank, Yangon City Bank, Yoma Bank, Myanmar Oriented Bank, Tun
Foundation Bank, Kanbawza Bank, Asia Yangon Bank, Small and Medium
Industrial Development Bank, Myanmar Livestock and Fishery Development
Bank, Rural Development Bank, Inwa Bank, Asia Green Development,
Ayeyawady Bank, Myanmar Apex Bank and Nay Pyi Taw Development Bank.
Among 20 private banks, Myanmar
Livestock and Fishery Development Bank has already opened the most 109
branch offices. The private banks are preparing to launch their branch
offices across the country and they had expected to run over further 100
branch offices during this year.
In the past, the government declared
that any private bank needs to keep 700 million kyats as a collateral
fund, the policy has been changed since the beginning of this year.
Due to the government’s policy change,
the private banks had won land rent permit, building lease permit and
permission for opening of their branch offices at supermarket.
Moreover, the government is now making
financial plans and will allow more than one year land rent permission
to private banks that carry out their business tasks in real estate
market for the development of business. The government will also grant
loans as moveable assets to be pawned.
source: Eleven Myanmar
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