Please remove space in image's name. Myanmar in limelight among Korean financial firms
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Wed, February 2, 2022 | 21:00
Markets
Myanmar in limelight among Korean financial firms
Posted : 2019-08-29 16:51
Updated : 2019-09-01 10:21
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By Park Jae-hyuk

Myanmar has emerged as the most popular destination for financial firms here, data compiled by the Financial Supervisory Service (FSS) showed Thursday.

Korean financial companies, which planned to open 51 branches outside the country as of June 30, sought to open 10 additional branches in Myanmar, where they already had 22 branches of banks, non-life insurers and lenders.

They planned to open nine additional branches in Vietnam, four in Singapore, four in Indonesia, four in India, two in the Philippines and one in Cambodia.

The FSS attributed the popularity of Myanmar to its high growth potential.

According to market analysts, the Southeast Asian country has come into the spotlight among financial firms worldwide, because its annual growth rate has averaged 7 percent.

The country also has a geographical advantage, as it neighbors large emerging markets, such as China, India and Thailand.

In addition, the Myanmar government has recently eased its regulations on foreign capital.

Due to the advantages, chiefs of the nation's state-run and commercial banks who will accompany President Moon Jae-in's trip to Southeast Asia in early September said they will join the delegation to Myanmar.

Moon will visit Thailand, Myanmar and Laos for six days from Sept. 1, as part of the administration's drive to increase economic cooperation with countries in the region and strengthen ties.

The bankers accompanying him include Korea Federation of Banks Chairman and CEO Kim Tae-young, Industrial Bank of Korea Chairman Kim Do-jin, Korea Export-Import Bank (Eximbank) Deputy President Kang Seung-joong, Shinhan Bank CEO Jin Ok-dong, KB Kookmin Bank CEO Hur Yin, KEB Hana Bank CEO Ji Sung-kyoo and Woori Financial Group Chairman Sohn Tae-seung.

All four commercial banks either have a subsidiary, a branch or an office in Myanmar.

Both IBK and Eximbank have offices there.

The IBK chairman said he plans to meet officials of the Central Bank of Myanmar to discuss his company's plan to transform its local office in Yangon, the country's largest city, into a subsidiary and open a branch there.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter



 
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