BIDV looks to open Myanmar unit this year
BIDV looks to open Myanmar unit this year
The Bank for Investment and Development of Vietnam (BIDV) said it is working on a plan to open a unit in Myanmar this year.
BIDV is the first Vietnamese bank to have a representative office in Myanmar and now targets to establish a 100% foreign-invested bank in the emerging Southeast Asian market.
Last year, the government of Myanmar awarded certificates to a number of overseas banks but BIDV was not among them as it did not meet some requirements including that for investment capital.
Speaking to the Daily recently, BIDV chairman Tran Bac Ha said the bank hoped to get approval from the government of Myanmar to translate the plan into reality soon.
“BIDV has written to the President of Myanmar asking for approval to set up a 100% foreign-invested bank in the country,” Ha said. “At recent meetings with Vietnamese leaders, Myanmar’s senior officials affirmed BIDV would be licensed.”
Ha told the annual general meeting of BIDV shareholders earlier this year that after Mekong Housing Bank (MHB) was merged into BIDV, the bank would have to adjust business plans and revise up business goals.
BIDV achieved credit growth of over 4% by the end of March and now targets 16% for the whole year instead of 13% as targeted previously.
In addition, BIDV will draw up business plans for the next three years, expand market share, and improve financial capability and competitiveness.
