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State Bank of India on Monday opened its branch in Yangon, Myanmar. This is the 54th foreign branch of India’s largest bank.
Earlier this year, SBI was awarded a banking licence to open a branch in Myanmar with the primary objective of extending wholesale banking services to foreign corporates.
The bank, in a statement, said, in due course, the branch aspires to become an important link in trade and commerce between Myanmar and the world. The launch of this branch has extended the global presence of SBI in 37 countries through 198 offices.
Arundhati Bhattacharya, Chairman, who inaugurated the branch, said: “Operationalisation of our branch has revived the relationship of SBI with Myanmar even though SBI’s association with Myanmar dates back to 1861, when the erstwhile Bank of Bengal operated its branch in Rangoon.”
“Later on, in the course of nationalisation of banks, the operations of the Rangoon branch were taken over by the Peoples’ Bank No. 8 of Burma in February 1963.”
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