Standard Chartered bank to reoperate in Myanmar
Standard Chartered bank to reoperate in Myanmar
Standard Chartered bank will reopen a representative office in Myanmar's Yangon after 50 years' absence, local media reported Tuesday.
It has gained a license from the Central Bank of Myanmar but the date for the reopening has not been confirmed yet, said the Yangon Times News.
Started in 1862, the Standard Chartered bank operated in Myanmar as the first foreign bank but was nationalized in 1963 during the Ne Win military government.
So far, there are 23 foreign bank representative offices set up in Myanmar. They are mainly from Brunei, Bangladesh, Cambodia, China, India, Japan, Malaysia, Singapore, Thailand and Vietnam.
Meanwhile, VISA and Master cards have been granted to be used with three private banks, followed by China Union Pay (CUP).
Japan Credit Bureau (JCB) Card will be introduced at 17 private banks in March this year.
There is a total of 22 banks in Myanmar, of which three are state-owned.
xinhuanet
