Foreign banks opening branches in Myanmar for first time in decades

April 9, 2015 6:12 AM

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YANGON, April 9 (Reuters) - Two Japanese and one Singaporean bank will become the first foreign banks to operate in Myanamar for decades when they open branches on April 23, as the country emerges from a long phase of economic isolation, state media reported Thursday.

"The Bank of Tokyo Mitsubishi UFJ Ltd (BTMU), Sumitomo Mitsui Banking Corporation (SMBC) and Oversea-Chinese Banking Corporation Ltd became the first to clear the final hurdle among nine foreign lenders awarded preliminary approval," the state-backed Global New Light of Myanmar newspaper reported.

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