Bank of India and EXIM Bank plans to set up presence in Myanmar thru setting up Branches and Representative Offices to push Indian investments and support growth in bilateral trade with Myanmar.
Bank of India, a Mumbai-based nationalized bank, plans to set up a branch in the neighboring country to expand presence in the East and far East Asia. Bank of India already has branches and subsidiaries in Singapore, Cambodia and Vietnam and Indonesia, countries which are members of the Association of Southeast Asian Nations (ASEAN). Myanmar is a member of this group.
Exim Bank recently signed a pact with Myanmar Foreign Trade Bank (MFTB) for a line of credit worth $500 million. The credit line will be used for irrigation, rail transportation, electric power and other infrastructure development projects in Myanmar.