ICBC, Japan’s Megabanks Win Approval for Banking in Myanmar
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Industrial & Commercial Bank of China Ltd. and Japan’s three largest banks won approval to start operations in Myanmar, the Southeast Asian nation emerging from five decades of economic isolation.
ICBC, Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc. and Australia & New Zealand Banking Group Ltd. were among nine banks that in received the preliminary approvals, Myanmar’s foreign bank licensing committee said in a statement today.