Industrial and Commercial Bank of China (ICBC) has formally opened its branch in Yangon on Tuesday, Sept. 8, becoming the first Chinese commercial bank to operate in Myanmar. (Photo : www.asia-first.com)
China's Industrial and Commercial Bank of China (ICBC) has formally opened its branch in Yangon on Tuesday, Sept. 8, becoming the first Chinese commercial bank to operate in Myanmar, the Xinhua News Agency reported.
The report said that ICBC is also one of the nine foreign banks given exclusive service licenses by the Myanmar government in October last year to open local branches in the country.
At the opening ceremony of the bank, ICBC President Yi Huiman said that the inauguration of ICBC Yangon branch signifies an important achievement in the economic cooperation between China and Myanmar, as well as marks an important milestone of ICBC in expanding its global clout.
Before the opening of the Yangon branch, ICBC has reportedly set up business branches in seven out of 10 ASEAN (Association of Southeast Asian Nations) countries, Yi said.
During the ceremony, ICBC and Yoma Bank, a private bank in Myanmar, also signed an agreement to facilitate the direct flow of trade-related funds between China and Myanmar, a press statement released by the Myanmar bank said.
The report added that the ICBC has also signed agreements with some Chinese companies on related business links and activity.
Myanmar has granted a service operation license to nine foreign banks in October last year, which was said to be the first time in more than five decades, the report said.
The licenses granted to the banks would allow them to operate wholesale banking and lend money to foreign investment companies and local banks. It would also enable the banks to lend money to local companies through local banks or to lend a syndicated loan to local companies in partnership with local banks.
