The Central Bank of Myanmar has awarded final licences to Mizuho Bank from Japan and Malaysia's Maylayan Banking Berhad (Maybank)

Mizuho Bank from Japan and Malaysia’s Malayan Banking Berhad (Maybank) have been awarded their final licence by the Central Bank of Myanmar, allowing them to commence operations on August 3, according to a Central Bank statement late yesterday.

With the announcement, only Australia and New Zealand Banking Group has not yet received a final licence among the nine banks that won a tough contest in October last year.

Three Japanese banks have received licences, also including The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation. There are also two from Singapore, plus one each from Thailand, China and now Malaysia that have received licences.

“[Mizuho and Maybank] have undergone a stringent entry process as defined by the Central Bank of Myanmar in 2014,” yesterday’s statement said.

“The licensing committee is pleased to announce that the two banks have successfully met all requirements, and have been granted a final licence to commence operations from August 3, 2015.”

Foreign bank branches face a number of restrictions in the country. They are limited to one branch, and can only lend to companies with a foreign component – not to domestic companies.

​