Vietnam's biggest partly private lender by assets BIDV to be prioritized in the next issue of banking licences by Myanmar

Vietnam’s biggest partly private lender by assets, said it would be prioritised in the next issue of banking licences by Myanmar, citing comments by the country’s president during a meeting with the bank’s chairman.

BIDV, which wants to open a branch in Myanmar having failed in the first license issue, said more would be offered, likely in 2016. In a statement, it said Myanmar President TheinSein had told BIDV’s chairman “the government will give priority to BIDV”.

Nine lenders were approved earlier this year to set up and offer limited service in Myanmar, such as providing foreign currency loans to foreign firms operating there. The move was one the biggest economic reforms yet by a country in dire need of capital after decades of isolation during the military rule that ended in 2011.

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