The Central Bank of Myanmar has approved Sumitomo Mitsui Banking Corporation (SMBC) and Bank of Tokyo-Mitsubishi (BTMU) to set up their maiden branches in Yangon under the foreign bank license.
BTMU and SMBC will commence their banking operations in Myanmar in 22 and 23 April 2015, respectively.
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The two banks will be among nine foreign banks which have been approved by Myanmar in October, 2014 for opening branches in the country, opening up its banking sector to overseas banks for the first time in more than five decades.
Yangon branches of both the banks will provide retail banking services including deposits, loans, and foreign exchange, to foreign companies and domestic banks operating in Myanmar.
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