Two Indian banks to open in Myanmar

Bank of India and Export Import Bank of India (Exim Bank) are planning to open their bank representative offices in Myanmar with a view to promoting trade between the two countries.

The plan was made after Indian Prime Minister Manmohan Singh paid a visit to Myanmar in late May.

Mumbai-based Bank of India, which mainly disburses loans to the private sector, will open the branch as part of a wider move to extend their market in the eastern region, said a top official of the bank. It has also opened branches in ASEAN countries such as Singapore, Cambodia, Vietnam and Indonesia.