Bangkok--15 Nov--SCB
Siam Commercial Bank is broadening its international business in preparation for economic integration under the upcoming ASEAN Economic Community (AEC). In a new step to establish a stronger, direct business foundation in neighboring countries, SCB will officially open a representative office in Yangon, Myanmar in late November. The Bank’s international strategy focuses on growing its business in Asia, starting from ASEAN before covering other countries in East Asia in the near future.
"SCB is in the process of strengthening its international business network in preparation for the AEC, which will witness new growth in trade and investment between Thailand and neighboring countries,” Mr. Manop Sangiambut, Siam Commercial Bank International Banking Business Division executive vice president, said. “Opening this representative office in Myanmar is a major strategic step for SCB, especially now that foreign investment laws have been implemented under revised terms that will more firmly support an increase in investment. In the future, SCB will seek to upgrade the representative office to a joint-venture bank or a branch to fully serve customers in accordance with liberalizations being introduced by the government of Myanmar."
SCB believes that because ASEAN’s economic integration is already moving ahead today ahead of full implementation of the AEC in 2015, the Bank needs to strengthen its overseas business network by focusing first on creating or upgrading bases in neighboring countries before expanding to other parts of Asia, particularly in China. SCB is committed to serving as a link between regions. Establishment of the representative office in Myanmar will reinforce SCB’s network in the Greater Mekong Subregion to serve the Bank’s future business direction.
SCB’s Myanmar Representative Office is situated in Yangon’s central business district, and will commence operation during late November. It will serve as a center to provide information on finance, investment and trade, and as a link for customers seeking to invest in Myanmar. The office will also help Myanmar customers seeking to invest, trade and do business abroad. SCB has established relationships with eight local banks in Myanmar, including both government and private banks, to provide cross-border fund transfers, import-export services, currency exchange and business matching.