YANGON, Sept. 14 (Xinhua) -- The Bank of China, one of the biggest state-owned commercial banks in China, opened a representative office in Yangon, the former capital city of Myanmar, adding to dozens of foreign bank offices in the country.
The entry of Bank of China into Myanmar would greatly enhance the development of the country's monetary system and contribute to the two countries' economic and monetary cooperation, said participants at the opening ceremony.
By 2009, the Bank of China stood as the second largest lender in China and the 5th largest bank in the world by market capitalization value.
The setting up of the representative office of Bank of China came a week after the Industrial and Commercial Bank of China ( ICBC) opened its branch in Yangon last Tuesday, which is the first Chinese-invested commercial bank operating in Myanmar.
Of the 43 foreign bank representative offices stationed in Myanmar, nine including ICBC were awarded service licenses in October last year, first time in more than five decades.
According to Myanmar's Investment Commission, before a bank establishes a branch in Myanmar, it has to open a representative office in the country in the first place.
Currently there are 25 local private banks and four state-owned banks in the country.