SBI resumes banking in Yangon, Myanmar, after a gap of 53 years

sbi SBI resumes bankingSBI resumes banking operations in Myanmar after a gap of 53 years by inaugurating a branch in the country’s largest city Yangon on Monday — becoming the first Indian bank to do so, an official said here.

SBI Chairperson Arundhati Bhattacharya, along with Central Bank of Myanmar Vice-Governor Khin Saw Oo and other top officials, was present at the function to mark the inauguration ceremony, which marks the Indian bank’s presence in 37 countries with 54 branches and 198 offices.

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During bank nationalisation in Burma, the Rangoon branch of Bank of Bengal was taken over by the Peoples’ Bank No 8 of Burma in February 1963, she said. In due course, the SBI aspires to become an important link in trade and commerce between Myanmar and the rest of the world, she added. In early 2016, the SBI was awarded a banking licence to open a branch in Myanmar with the objective of extending wholesale banking services to foreign corporates.

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