Nov 13, 2012

SCB enters Myanmar

Siam Commercial Bank will open its first representative office in Myanmar's capital late this month.

The move is part of its plan to broaden its business in the region ahead of the upcoming Asean Economic Community (AEC).

SCB is focusing on expanding its services in Asia, starting with Asean and then East Asia.

The Myanmar branch is a major step for the bank, especially now that Myanmar's foreign investment law has been revised to support more foreign investment, said Manop Sangiambut, executive vice-president for international banking business.

The bank plans to set up a joint-venture bank or upgrade a branch to fully serve customers in accordance with liberalisation plans being introduced by Myanmar's government.

SCB's Yangon office will serve Myanmar customers looking to invest, trade and do business abroad.

SCB has cooperated with eight local banks in Myanmar to provide cross-border fund transfers, import-export services, currency exchange and business matching.

Source: Bangkok Post