Bank of China paves way for entry to Burma

Bank of China paves way for entry to Burma

The Bank of China opened a representative office in Rangoon this week, according to a report by state-run Xinhua news agency.

Headquartered in Beijing, the Bank of China is one of the five largest state-run commercial banks in China, with more than 305,000 employees, and assets listed in 2013 at 12.3 trillion yuan (US$2 trillion).

“The entry of Bank of China into Myanmar [Burma] would greatly enhance the development of the country’s monetary system and contribute to the two countries’ economic and monetary cooperation,” reported Xinhua, citing participants at the opening ceremony.

The launch of a representative office – invariably the first step before opening a branch in Burma – came a week after the Industrial and Commercial Bank of China (ICBC) opened its branch in Rangoon, the first Chinese banking venture in the country.

Of the 43 foreign bank representative offices stationed in Burma, nine including ICBC have already been awarded service licenses – eight of which have now opened their doors to the public.

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ICBC followed Malaysia’s Maybank, which opened its doors in Burma on 3 August.

The nine foreign banks with licences are: Singapore’s Oversea-Chinese Banking Corporation Ltd; Australia and New Zealand Banking Group Ltd; Thailand’s Bangkok Bank; Malaysia’s Maybank; ICBC; Singapore’s United Overseas Bank; and three Japanese firms: Mizuho Bank; Bank of Tokyo Mitsubishi UFJ Ltd; and Sumitomo Mitsui Banking Corporation.

 

Read more about Banking in Burma

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