Banking and financial services
Major banks
Cambodia to invest $62M in China’s Asia Bank
The Council of Ministers agreed on 9 October to invest about $62 million in the fledgling Asian Infrastructure Investment Bank, which is expected to start operating by the end of the year. Keep reading ...
Myanmar Central Bank issues directive on customer due diligence
The Central Bank of Myanmar has issued a directive on customer due diligence related to anti-money laundering and the financing of terrorism. All banks and financial institutions licensed by the Central Bank must develop effective frameworks to manage these risks, said the note, issued on 5 ...
Cooperative Bank first to sign for ADB trade finance
Cooperative Bank has become the first local lender to sign with the Asian Development Bank (ADB) under its Trade Finance Program, introduced to Myanmar last month. The program will help increase Myanmar’s international trade – the ADB will provide up to US$12 million per year to ...
Lao central bank to stop direct lending
The Bank of Laos has proposed the postponement of direct lending to new state investment projects as part of measures to safeguard the banking and financial system of the country, according to the central bank governor. Mr Somphao Phaysith made the proposal at a meeting between ...
ANZ Bank receives Myanmar licence just ahead of deadline
The Australia and New Zealand (ANZ) Banking Group has become the last of nine foreign banks to receive a branch licence to operate in Myanmar. The Central Bank of Myanmar’s licencing committee announced it had awarded a licence to ANZ on 29 September, just days ahead ...
Thai banks face biggest default since 1997 crisis
Sahaviriya Steel’s UK steel business has failed with defaults on 50 billion baht of loans from Thai banks, biggest default for Thai banks since 1997 Asian crisis. Keep reading ...
Vietnam's Military Bank sees 2016 net profit growing 7-10 pct
Military Bank, Vietnam’s sixth biggest bank by market value, has cut bad debt to 1.8 percent of total loans, and its 2016 net profit could grow by 7 to 10 percent, its vice chairman said on 24 September. Vietnam’s banks, once blighted by crippling levels of ...
Electricity of Vietnam to sell all shares in ABBank: report
State-owned Electricity of Vietnam has announced that it will sell all of its 16.2 percent stake in An Binh Commercial Joint Stock Bank next month, news website VnEconomy reported on 22 September. Nearly 81.6 million shares will be put up for auction on 14 October, with ...
Myanmar Central Bank official responds to NLD’s call for greater autonomy
To encourage an autonomous Central Bank of Myanmar (CBM) is one of the priorities outlined by the National League for Democracy (NLD) in its draft economic policies, but officials say they are already on the right track. The draft will likely be used as a basis ...
ADB cuts growth forecast
The Asian Development Bank (ADB) cut its two-year growth forecast for the region on 22 September, amid a slow recovery in major industrial economies and weaker prospects for China and India. The Manila-based bank said developing Asia’s gross domestic product (GDP) growth is expected to slow ...
