Thailand's largest commercial lender – Siam Commercial Bank – opened a representative office in Yangon on Friday, November 23.
Siam Commercial Bank (SCB) was granted approval to open the office by the Central Bank of Myanmar in April this year, and in the intervening months has organised seminars and information sessions to boost its profile ahead of opening the office.
The office, at 17 Kabar Aye Pagoda Road in Bahan township, was opened by chairman of SCB’s executive committee Dr Vichit Suraphongchai and watched over by officials from the Central Bank, Myanmar private banks and representatives of noteworthy Thai companies operating in Myanmar.
The opening was followed by a gala dinner in the evening that featured speeches by Dr Vichit, Thailand’s ambassador to Myanmar, and U Win Aung, chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry.
Dr Vichit said the bank’s presence in Myanmar represented a “mutual growth partnership”, and the bank wanted to play a role in the nation’s blossoming in the next 20 to 30 years.
“With this new office in Myanmar, SCB will have a presence in all countries in Indochina,” he said, adding that he was personally excited to be working in Myanmar.
“My excitement arises not just from the tremendous upgrade in business volume or the booming investment climate in Myanmar. My excitement stems from my personal desire to be part of something that could last 20 or 30 years and that later will be regarded as something historic,” he said.
“All of us can make history by being part of the emerging economic story of Myanmar,” he said.
“SCB has been active in Myanmar long before today. Today’s grand opening of our on-the-ground presence can only serve to further our commitment to Myanmar and its people,” he said.