S'pore banks have much to offer Myanmar: PM Lee

PRIME Minister Lee Hsien Loong put in a good word for Singapore banks when he met with Myanmar's leader Thein Sein on the sidelines of the Asean Summit meeting here yesterday.

Touching on new areas of economic cooperation between Myanmar and Singapore in their bilateral talks, Mr Lee expressed hopes that Myanmar would give serious consideration to Singapore banks to set up shop in the country when it opens its financial sector to foreigners.

Relating the pitch he made for Singapore banks, Mr Lee told Singapore reporters after the meeting: "Myanmar is developing its financial sector and it will have to consider offering licences to foreign banks. When it does so, of course, Singapore banks will be in the queue. And we hope they will be considered seriously because they have good propositions to offer Myanmar."