Foreign banks and financial institutions in Myanmar able to have up to 35% equity investment in local private banks
26 February 2019
On 29 January 2019, the Central Bank of Myanmar (“CBM”) issued a letter confirming that foreign banks and foreign financial institutions may hold up to 35% equity investment in local private banks in Myanmar. The letter provides that the relevant local private bank must furnish the CBM with a copy of its agreement with the foreign bank or foreign financial institution together with details of the proposed local-foreign equity ratio following the investment, and any other documents as may be requested by CBM from time to time.