The State Bank of India on October 3, 2016 announced its entry into Myanmar by opening a branch in the capital city of Yangon, becoming the first domestic lender to do so.
SBI Chairperson Arundhati Bhattacharya opened the Yangon branch which is the 54th foreign branch of the nation's largest lender. This branch extends the global presence of SBI in 37 countries. Ghanshyam Srivastava has been appointed as the chief executive of SBI Yangon branch.
SBI has been associated with Myanmar since 1861, when the erstwhile Bank of Bengal operated its branch in the then Rangoon. Later, as part of bank nationalisation, the operations of the Rangoon branch of SBI were taken over by the Peoples' Bank of Burma in February 1963.
The Myanmarese central bank earlier this year allowed SBI to open a branch with the primary objective of extending wholesale banking services to foreign corporates.
SBI Chairperson Arundhati Bhattacharya opened the Yangon branch which is the 54th foreign branch of the nation's largest lender. This branch extends the global presence of SBI in 37 countries. Ghanshyam Srivastava has been appointed as the chief executive of SBI Yangon branch.
SBI has been associated with Myanmar since 1861, when the erstwhile Bank of Bengal operated its branch in the then Rangoon. Later, as part of bank nationalisation, the operations of the Rangoon branch of SBI were taken over by the Peoples' Bank of Burma in February 1963.
The Myanmarese central bank earlier this year allowed SBI to open a branch with the primary objective of extending wholesale banking services to foreign corporates.
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