Published on Monday, 26 November 2012 17:50
Thailand’s Siam Commercial Bank (SCB) has made a first step into Myanmar by opening an office in Yangon on November 23.
“Myanmar has more opportunities than other regional countries at this time. Banking business sees it as a strategic market,” Manop Sangiambut, executive vice president for International Banking Business Division, said.
He added that SCB is also acting as financial advisory for the Italian Thai Development Company and working with other respective business firms in implementing the Dawei Special Economic Zone Project.
The Yangon office will cooperate with eight local Myanmar Banks to provide wire transfer services between Myanmar and Thailand; import and export, money exchange and financial advisory.
SCB’s local partners are Asia Green Development Bank, Ayeyarwady Bank, Kan Baw Za Bank, Myanmar Foreign Trade Bank, Myanmar Oriental Bank, Co-operative Bank and Myanmar Investment and Commercial Bank.
SCB is willing to go into joint venture in the future once foreign investors are allowed to establish banks in Myanmar.
Under the recently enacted law, foreign-owned banks may be established starting 2014.
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