Sanctions help Asian banks gain foothold in Myanmar
AT the CB Bank branch in the Thilawa Special Economic Zone near Yangon, there’s a dedicated “Japan desk”, where an employee of the Bank of Tokyo-Mitsubishi UFJ sits to handle any Japanese corporate business that comes their way. The Japanese bank’s presence at Thilawa is no accident. The SEZ has already attracted about 70 companies, more than half of them Japanese. CB Bank chairman U Khin Maung Aye, meanwhile, is vice chairman and a major shareholder in Myanmar Thilawa SEZ Holdings, which recently listed on the YSX. Myanmar has already granted licences to five banks from the ASEAN region and more are expected to enter the market. The ASEAN banks are following their corporate clients to Myanmar, which is likely to rank as the region’s fastest-growing economy for some years to come.
