May 12, 2013

Myanmar to open three new banks

Myanmar is planning to open new banks intending for jewellery and construction business, according to the sources from private banks.

The banks will be intended mainly for respective business sectors, according to the sources.

“I heard the news to open Construction Bank, Jewellery Bank and Nay Pyi Taw City Development Bank but the Central Bank didn’t announce publicly. I heard that they will give a loan with long term plan. The long term plan will benefit the business. The private banks still can’t give the loan with long term plan because of the business situations we face now,” Than Lwin, Vice President of Kanbawza Bank said.

“They are kinds of banks to support construction and jewellery business. I heard that they won’t make business with all sectors. Among the three banks which applied, I know the last bank is Nay Pyi Taw City Development Bank,” a private banking businessman said.

In recent months, some big company groups are buying shares of bank instead of establishing a new bank. “Some groups of companies are buying shares. Among them, there are some businessmen who have been doing banking business,” he added.

Source: Eleven Weekly Media