THE Central Bank of Myanmar issued only branch licences to foreign banks in the first and second rounds of foreign bank licencing, but granted subsidiary licences in its third round.

In the third round of licencing, Siam Commercial Bank Myanmar Limited from Thailand was granted foreign bank subsidiary licence on 12 January.

The foreign subsidiaries, like local banks including 27 local private banks, can offer commercial banking services to customers according to Articles 52 of Financial Institutions Law.

The public working with the banks will get international standard banking services of foreign banks and good results of local banks under the competitive conditions.

MNA

(Translated by Kyaw Zin Tun)

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