Transactions are being taken at BIDV. The bank will become the first Vietnamese bank to open a branch in Myanmar following a aproval of the Central Bank of Myanmar. - Photo bidv.com.vn

HA NOI (Biz Hub) — The Bank for Investment and Development of Viet Nam (BIDV) has received the approval of the Central Bank of Myanmar to open its office in Myanmar.

BIDV becomes the first Vietnamese bank to open a branch in Myanmar.

The Central bank of Myanmar has also granted a licence to three banks from Taiwan, South Korea and India.

BIDV has to complete all procedures and conditions for the opening of the new branch, as prescribed by the Central Bank of Myanmar, within 12 months of the date of issue of the preliminary licence.

BIDV plans to open its new office in 2016. It will be located at the Hoang Anh Gia Lai – Myanmar Centre.

Earlier this year, BIDV was allowed by the State Bank of Viet Nam (SBV) to open a representative office in Moscow, Russia.

BIDV earned more than VND7 trillion in pre – tax profit (US$315.2 million) and had total assets worth VND 857 trillion in 2015. — VNS