Sai Gon-Ha Noi Joint Stock Commercial Bank (SHB) has received approval from the State Bank of Viet Nam (SBV) to open its branch in Myanmar.

This would become the third foreign market where it has a presence.

Myanmar has a lot of potential in the finance and banking market although its economy is in the development phase. In addition, Viet Nam and Myanmar signed a joint announcement on comprehensive cooperation in the finance and banking sector in 2010. The signing created a legal framework for the operation of Vietnamese banks in Myanmar.

The establishment of the branch in Myanmar will help SHB expand its brand name in the southeast region while promoting investment cooperation and seeking potential customers.

The SBV also permitted the bank to open five new branches in Ha Tinh, Dak Lak, Ha Nam, Binh Dinh and Tay Ninh provinces.

The branches are expected to begin operations in the third quarter of the year providing deposit, lending, payment, guarantee and foreign exchange services. — VNS