Myanmar is trying to lure foreign investors by updating its legal and regulatory framework, and opening its stock exchange within the next two years.
Foreign banks will be able to set up joint ventures with local banks by 2015, said Myanmar-based tax advisers at PricewaterhouseCoopers. After establishing JVs, foreign banks will build their own subsidiaries.
About 18 foreign banks have already set up a representative office in Myanmar. Standard Chartered is the latest, having won a licence in January.
The government aims to unbind the limitation by reviewing and updating the existing Financial Institutional Law, and expects to complete the process by 2015....