Myanmar’s Nod for ICBC, ANZ Shows Institutional Banking Hunt
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Myanmar’s regulators, in granting bank licenses to nine foreign lenders yesterday, sought companies that could lure investment to a nation emerging from five decades of economic isolation.
The 25 banks that applied for licenses were expected to engage in institutional banking to facilitate the entry of foreign investors, said Andrew Geczy, Australia & New Zealand Banking Group Ltd.’s chief executive officer for international and institutional banking. ANZ was among the banks that won approval, along with Industrial & Commercial Bank of China Ltd.