Foreign Bank JVs Could Begin as Early as April
6 February 2013
Burma’s central bank may allow foreign lenders to form joint ventures with local banks as early as April, Bloomberg News reports. Khin Saw Oo, the head of the Financial Institutions Regulation and Anti-Money Laundering Department, said that the central bank will set regulations for joint ventures in the financial year starting April 1. Officials are considering a requirement that local banks own at least 20 percent of the venture, she said. The rule change would allow lenders such as Standard Chartered Plc and Japan’s Mizuho Corporate Bank Ltd. to expand in one of Asia’s last frontier markets.