MYANMAR TO ALLOW BANKING JVS BY YEAR’S END

Written by Admin on August 1, 2013. Posted in Business, News, World

 

Myanmar government is drafting a legislation to allow joint ventures
between international banks and their local partners, according to the
local newspaper Daily Eleven which cited finance and revenue minister
Dr Maung Maung Thein.

He said the government would try to get the bill approved by the
parliament and enacted by the end of this year.

The minister also said that the international banks that have already
established their presence with representative offices would be given
precedence in granting the joint ventures.

According to the report, US, Japanese and European banks are in talks
with local banks for JV deals.

The lower house committee overseeing banking industry in Myanmar also
hinted that it would legislate the joint ventures between local and
international banks.

"We have planned to allow joint ventures between banks in Myanmar and
foreign banks," Pyo Min Thein, a member of lower house banks and
monetary development, told Daily Eleven.

He is a member of National League for Democracy, the major opposition
group led by Nobel laureate democracy icon Aung San Suu Kyi.

Currently there have been 40 country offices opened by the
international banks in Myanmar and there are 20 Myanmar private banks
in operation.

In a separate development, the parliament recently ratified a
long-awaited central bank law that make it an independent body from
the ministry of finance and revenue.

Source: http://www.news.myanmaronlinecentre.com/2013/08/01/myanmar-to-allow-banking-jvs-by-years-end/