March 5, 2016 1:57 PM

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Myanmar grants operating licenses to four Asian banks

Myanmar has granted operating licenses to four Asian banks, bringing to 13 the number of foreign banks allowed to conduct business in the previously isolated country. Bank for Investment and Development of Vietnam, State Bank of India, Taiwan's Sun Commercial Bank and South Korea's Shinhan Bank were granted preliminary licenses, Myanmar's Foreign Bank Licensing Committee said in a statement today.Myanmar has pursued far-reaching reforms since the end a half-century of harsh military rule in 2011 in the hope of reversing isolation that saw the country become one of Asia's poorest.

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