Three Japan lenders, Bangkok Bank receive limited Myanmar bank licences

[TOKYO] Three major Japanese banks are among foreign banks that have been granted limited operating licences in Myanmar, a move that Myanmar's government hopes will spur foreign investment in an economy emerging from decades of military rule.

Bank of Tokyo Mitsubishi UFJ, the core banking unit of Mitsubishi UFJ Financial Group has won one of the licences, a spokesman for the lender said on Wednesday.

Banking sources also said that the core banking units of Sumitomo Mitsui Financial Group and Mizuho Financial Group had gained licences.

A Mizuho spokeswoman declined to comment. Representatives for Sumitomo Mitsui were not immediately available for comment.

Bangkok Bank has also received preliminary approval for a banking licence, Executive Vice President Chaiyarit Anuchitworawong told Reuters.

The bidding process was open to the approximately 40 international banks with representative offices in the country and 25 applied.

Myanmar's central bank is expected to announced the results of the bidding later in the day, with between five to 10 banks set to gain a licence. - Reuters