One more Japanese bank to operate in Myanmar in August

One more Japanese bank giant, the Mizuho will open its first Myanmar branch in Yangon on August 3 and will become the third Japanese bank and the fifth out of nine international banks granted licenses to open a local banking branch in the country, official media reported Monday.

As it first move, Mizuho will award scholarships to 50 students from two Myanmar universities of economics as part of its contribution to human resources development of the country, chief representative of Mizuho Bank was quoted as saying.

Nine foreign banks were awarded by the Myanmar government in October last year for service operation licenses in the country for 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 and Australia-New Zealand.