TODAY

Yangon, 31 May_ Major Japanese lender Mizuho Bank will open its first Myanmar branch in Yangon on 3 August, a bank official said Friday.

Mizuho will open the branch on the fourth floor of the Sedona Hotel on Kaba Aye Pagoda Road and has recruited talented Myanmar staff in preparation, said Daw Mie Mie Nay Min Win of the bank’s Yangon Representative Office.

Mizuho was one of nine foreign banks granted approval by the Central Bank of Myanmar in September 2014 to operate in the country.

Mizuho’s Yangon Representative office announced Friday it will award scholarships to 50 students as part of its contribution to human resource development of Myanmar.

Mizuho will present the award to 25 students from the Yangon University of Economics on 3 June and to 25 students from the Monywa University of Economics on 5 June this year, said Mr Tetsuro Nonaka, Chief Representative of Mizuho Bank.

The bank will provide each student with US $300 per person per year until they finish university.

The bank also awarded the same scholarship to 25 students from the Yangon University of Economics last year, the Central Bank of Myanmar awarded banking license to Australia and New Zealand Banking Group Limited (ANZ), Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ (BTMU), Industrial and Commerical Bank of China (ICBC), Malayan Banking Berhad (Maybank), Mizuho Bank, Oversea-Chinese Banking Corporation (OCBC),  Sumitomo Mitsui Banking Corporation (SMBC) and United Overseas Bank (UOB)

It was first time Myanmar had approved foreign banks opening their 100-percent-owned branches inside the country.

Ref: GNLM