Corporate banking moves ‘merely benefit cronies’

[DagonKhan]

Corporate banking moves ‘merely benefit cronies’

Foreign banks will only be allowed to provide financial services to foreign companies and domestic banks, while Myanmar’s estimated 70,000 entrepreneurs will not be allowed to obtain loans directly from them, Dr Set Aung, deputy governor of Central Bank of Myanmar, said on Monday.

He described this model of corporate banking as a “win-win situation”. He said it balances the needs of local entrepreneurs with protection for domestic banks that could be damaged by competition from foreign rivals.

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