Arab Today, arab today singaporebased bank provides first onshore loan to myanmar hotel project
Last Updated : GMT 07:23:27
Arab Today, arab today
Arab Today, arab today

Singapore-based bank provides first onshore loan to Myanmar hotel project

Arab Today, arab today

Arab Today, arab today Singapore-based bank provides first onshore loan to Myanmar hotel project

United Overseas Bank (UOB)
Yangon - XINHUA

A Singapore-based bank -- the United Overseas Bank (UOB) has provided its first onshore loan to a French-Myanmar joint venture company for refurbishing a new hotel in Yangon following the opening of its branch in the city, official media reported Friday.

UOB is one of the nine international banks granted licenses in October 2014 to open a local banking branch in the commercial city to provide services to foreign companies such as trade and project

financing, corporate loan and cash management solution.

UOB is expected to offer more onshore loan to its clients in the energy, manufacturing, hospitality and infrastructural construction sectors, the report said.

UOB is the fourth foreign banks out of nine which have started their banking business in Yangon since April. The prior three banks are Bank of Tokyo Mitshubishi UFJ Ltd (BTMU), Sumitomo Mitsui Banking Corporation (SMBC) of Japan and Overseas Chinese Banking Corporation (OCBC) of Singapore.

Nine foreign banks including the four were granted service operation licenses by the Myanmar government in October last year, the first time in more than five decades.

The nine granted foreign banks include three from Japan, two from Singapore and one each from China, Malaysia, Thailand, Australia and New Zealand.

These banks are allowed to operate wholesale banking and to lend money to foreign investment companies and local banks.

The foreign banks would also be allowed to lend money to local companies through local banks or to lend a syndicated loan to local companies in cooperation with local banks.

The approved banks were short listed from 25 which bid for the licenses in the first phase of selection in July last year.

There were 43 foreign bank representative offices stationed in Myanmar up to 2014, of which 25 made the bid for banking licenses.

For the past decades, Myanmar allowed foreign banks to open representative offices only in the country for observation without permission to operate banking services.

Meanwhile, there are also 25 local private and four state-owned banks in the country.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singaporebased bank provides first onshore loan to myanmar hotel project Arab Today, arab today singaporebased bank provides first onshore loan to myanmar hotel project

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday