Industrial and Commercial Bank of China (“ICBC”) established the ICBC Myanmar Representative Office in 2011, which has made the preliminary preparations for ICBC Group’s global network in Myanmar. During year 2014-2015, ICBC became one of the first nine foreign banks approved to operate in Myanmar after competitive bidding following the adjustments of Myanmar’s opening policy in banking sector. On 8 Sept. 2015, ICBC Yangon Branch was officially opened, being the first officially opened Chinese-funded commercial bank in Myanmar. The business scope of ICBC Yangon Branch includes acceptance of deposit, lending, foreign exchange, issuing and administering of payment instruments, issuing of guarantees and commitments, trading for own account or for account of customers in i) money instruments, ii) currency forward and spot contracts, iii) swaps and exchanges and interest rate instruments, providing corporate advice, e-banking, global cash management business, RMB border trading business, development financing business, mortgage financing and other activities determined by the Central Bank to be customary banking practices or incidental the banking business. 

Yangon Branch makes full use of the advantages of the Chinese-funded bank that is located at an important node of the “Belt and Road” strategy and has been rooted in Myanmar for many years of business development, ICBC Yangon Branch shall take full use of the geographic advantage. Being one of the strongest financial institutions in Myanmar, ICBC will build a platform to provide full range of financial services to “going global” enterprises by collaboration with other ICBC members, correspondent banks of ICBC as well as close contact with government bodies and corporates.