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Bangkok Bank invests $200m in Myanmar branch

Bangkok Bank has pumped $200m (Bt6.75bn) into its Yangon branch in Myanmar to enhance services to its customers.

The amount is far greater than the one pumped in by four other foreign banks that have also opened branches in the region.

Bangkok Bank is one of the nine foreign banks that received licences to open branches in Myanmar last October.

The bank has been operating in the country for the past 25 years through a representative office and is the only bank from Thailand to have been selected. It intends to use the branch to connect with its international network to provide a wider range of services to customers in Myanmar.

The Nation quoted Bangkok Bank’s executive vice president Chaiyarit Anuchitworawong as saying: "This will help us service our customers further, not only in terms of funding but also by serving the requirements of our customers. It can be in various forms – either trade finance or short-term or long-term loans."

The branch will provide financial services including deposits, business lending, trade services, fund transfers and foreign-exchange services for foreign firms and domestic banks in both foreign and local currencies.

The bank also plans to launch Internet banking soon.

While Bank of Tokyo-Mitsubishi, Oversea-Chinese Banking, Sumitomo Mitsui Banking and United Overseas Bank have already opened their branches, Industrial and Commercial Bank of China recently received permission to do so.

ANZ, Maybank and Mizuho Bank are slated to get permission in the next few months.