SBI first Indian Bank to open branch in Yangon, Myanmar

The State Bank of India (SBI) on 3 October 2016 became the first domestic bank of India to open a branch in the capital city of Yangon, Myanmar. 
●    Ghanshyam Srivastava will be the Chief Executive Officer of the SBI Yangon branch.
●    This was made possible with the permission of the Myanmarese central bank, which allowed SBI to open a branch with the primary objective of extending wholesale banking services to foreign corporates.
●    The Yangon branch is the 54th foreign branch of the SBI, nation's largest lender. This branch extends the global presence of SBI in 37 countries through 198 offices.
●    India has been a major trading partner of Myanmar for centuries. 
●    Since the signing of India and Myanmar trade agreement in 1970, bilateral trade between both the countries has been growing steadily.