On 27^th September 2016, the Foreign Bank Licensing Committee (“FBLC”) under the Central Bank of Myanmar (“CBM”) granted approval for two foreign banks, the State Bank of India and E Sun Commercial Bank Ltd. of Taiwan for commencing operations from 3^rd October 2016.

Foreign Banks with Current Licenses

As of October 2016, 13 foreign banks have been granted approval to open branches in Myanmar as follows:-

• The Bank of Tokyo-Mitsubishi UFJ, Ltd.
• Oversea-Chinese Banking Corporation Ltd.
• Sumitomo Mitsui Banking Corporation
• United Overseas Bank Limited
• Bangkok Bank Public Company Limited
• Industrial and Commercial Bank of China
• Malayan Banking Berhad (Maybank)
• Mizuho Bank Limited
• Australia and New Zealand Banking Group Limited
• The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
• Shinhan Bank
• The State Bank of India
• E Sun Commercial Bank Ltd.

Scope of the License

The exact scope of the banking activities under each granted foreign bank license may vary from bank to bank at the discretion of the CBM and according to the terms of the initial proposal of each applicant bank. Generally, the scope of the license could be limited.

Currently, the branch office of each licensed foreign bank is allowed to provide loans in foreign currencies to foreign companies but is prohibited from engaging in retail banking in the local market or lending to local companies.