The State Bank of India (SBI) has opened a representative offce in Myanmar. It plans to work in cooperation with local banks to help them develop their fnancial institutions. India sees Myanmar as a key partner not only because of its growing economy and but also because it acts as a gate-way to Southeast Asia. The Mumbai-headquartered bank is one of the “Big Four” banks in India with 17,000 branches, including 190 foreign offces. In October last year, the Central Bank of Myanmar (CBM) announced that nine foreign banks, including State Bank of India had been granted limited licences to operatein the country for the frst time.
