SBI: First Domestic Bank to Open Branch in Yangon, Myanmar (Download PDF)

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State Bank of India (SBI) India’s largest lender will be set up its foreign branch in Yangon, the capital city of Myanmar - SBI became the first domestic bank to open a branch in Myanmar.

  • Yangon the 54th foreign branch of the SBI will spread the global presence of India’s largest lender in 37 countries through 198 offices.
  • Given the green signal by central bank of Myanmar
  • Started with the key objective of spreading wholesale banking services to foreign corporates.
Image of Yangon and Myanmar

Image of Yangon and Myanmar

Image of Yangon and Myanmar

Background

  • Myanmar is the major trading partner of India.
  • Bilateral trade between Myanmar and India has grown after trade agreement of 1970 to US 2.052 billion dollars in 2015-16 from US 328 million dollars in 1997-98.
  • SBI is connected with Myanmar from 1861. At that time the erstwhile Bank of Bengal (BoB) operated its branch in the then Rangoon. It was taken over by the Peoples’ Bank of Burma in February 1963 as part of bank nationalization.

About SBI

  • State Bank of India (SBI) is a multinational, public sector banking, financial services, and government-owned corporation of India.
  • Founded on 2nd June 1906 as Bank of Calcutta then recognized as Imperial Bank of India on 27th January 1921. On 1st July 1955, it was named State Bank of India and nationalized on 2nd June 1956.
  • Headquartered in Mumbai, Maharashtra.
  • Till 2014-15, it had assets worth ₹20.480 trillion and more than 14,000 branches, including 191 foreign offices spread across 36 countries, making it the largest banking and financial services company in India.
  • It is 232nd biggest corporate in the Fortune Global 500 list- 2016.

- Published/Last Modified on: August 12, 2017

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