KDB acquires a license to establish Yangon branch in Myanmar
KDB acquires a license to establish Yangon branch in Myanmar
  • Lee Kap-soo
  • 승인 2020.04.13 10:18
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Korea Development Bank (KDB) has obtained a license from Myanmar's central bank to establish a branch in Yangon.

This allowed the state-run KDB to reopen its branches in the Indochina Peninsula 22 years after the withdrawal of its Bangkok branch in 1998 during the Asian financial crisis, a bank spokesman said on April 9.

Myanmar's central bank has granted licenses to seven out of 13 banks in five countries that have submitted applications for accreditation in the third foreign bank license competition.

Among Korean banks, KDB (branch), Industrial Bank of Korea (corporation) and Kookmin Bank(corporation) received preliminary approval.

By persuading the Myanmar government with a differentiated strategy from other banks, the state-run KDB was able to reverse its initial inferiority and receive branch license in its first attempt.

Korea Development Bank was a latecomer compared to other banks, and it was initially uncertain to obtain a license.

However, it was highly regarded by the Myanmar government's economic ministry and was able to win the final license in terms of business competency and high international credibility, which have been on par with advanced banks in the global financial market.

With the acquisition of the license, KDB plans to provide various comprehensive corporate financial services to Korean companies operating in the region through the establishment of a Yangon branch in the future, while transferring development financing know-how, including cooperation with the Myanmar government in establishing a Myanmar Development Bank, the spokesman said.

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