Mizuho Bank of Japan has opened a branch in Yangon, Myanmar'slargest city, making it the latest of several foreign banks able to write letter of credit (L/C) business in the Southeast Asian state.

Myanmar's position in the international financial system is steadily being re-established with the easing of international sanctions that for years have substantially isolated the military-ruled country from global trade.

Opportunities

A statement issued by Mizuho says Myanmar is attractive to the bank because of its "wealth of natural resources and superior work force."

The Japanese bank also sees opportunities in Myanmar's consumer market given its large population.

Service provision

As well as providing L/Cs, the Yangon Branch offers a full line-up of banking services, including deposits, loans, domestic and foreign exchange as well as e-banking and other financial services.

Other banks licensed to operate in Myanmar include Maybank, Bank of Tokyo-Mitsubishi, UnitedOverseas Bank, Oversea-Chinese Banking Corporation, Sumitomo MitsuiBanking Corporation, Bangkok Bank Public Company and Industrialand Commercial Bank of China.

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