The Industrial and Commercial Bank of China (ICBC) was allowed to open its branch for financial services in Myanmar for the first time among foreign banks licensed by the Central Bank of Myanmar (CBM) on Wednesday.

Eight other foreign banks also obtained similar licenses for banking operation in Myanmar.

These banks will provide services only to foreign companies and local banks but not to local companies and individuals.

The approved banks were shortlisted from over 30, which bid for the licenses in the first phase of selection in July.

The bid-winning foreign banks are set to start their business operation within a year.

As of June, there are 43 foreign bank representative offices in Myanmar, which also has 25 private and four state-owned banks.

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