South Korea’s Exim Bank to enter Myanmar

Myanmar has allowed the Export-Import Bank of Korea (Exim Bank) to open a representative office in Yangon, according to the Directorate of Investment and Company Administration. The bank registered on December 18 to open its office.

Established in 1976, the bank has supported South Korea’s export-led economy by providing loans, financing mega-projects, and facilitating economic cooperation with other countries.

Foreign banks from several countries have already opened representative offices in the country. Among them are Malayan Banking Berhad (Maybank), China’s Industrial and Commercial Bank and the Bank for Investment and Development of Vietnam.

Official figures show that most foreign banks that have entered Myanmar are from Asian countries. According to the Central Bank of Myanmar, foreign banks are so far not allowed to open any branches in the country.