Thailand’s Kasikorn Bank set for expansion into Myanmar

KasikornbankThailand-based Kasikorn Bank is planning to launch its branches in Myanmar, according to a statement by the bank. Nuttaphong Visitkichakarn, an official from the bank said it has proposed to the government about the plan, adding that the bank also has plans to cooperate with local partners if it is not allowed to operate as a standalone, Eleven Myanmar reported.

“As there are many Myanmar migrant workers in Thailand, we’re planning to expand our services such as remittance for their convenience,” said Nuttaphong.

The central bank of Myanmar has recently announced that there will be three steps for foreign banks to begin their services in the country; firstly to open their representative offices, secondly to establish a joint venture with local partners and finally to open their own branches.

Vice chairman of the central bank said recently that there will be no heavy impact on the local private banks as there will be limits for foreign banks operating in Myanmar in accordance with regional rules.

Economists say millions of dollars have been remitted to Myanmar each year as there are more than two million Myanmar migrant workers in Thailand.

Many regional banks from Thailand, Taiwan and other Southeast Asian countries are preparing to enter Myanmar, according to sources.



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Thailand-based Kasikorn Bank is planning to launch its branches in Myanmar, according to a statement by the bank. Nuttaphong Visitkichakarn, an official from the bank said it has proposed to the government about the plan, adding that the bank also has plans to cooperate with local partners if it is not allowed to operate as a standalone, Eleven Myanmar reported. "As there are many Myanmar migrant workers in Thailand, we're planning to expand our services such as remittance for their convenience," said Nuttaphong. The central bank of Myanmar has recently announced that there will be three steps for foreign banks...

KasikornbankThailand-based Kasikorn Bank is planning to launch its branches in Myanmar, according to a statement by the bank. Nuttaphong Visitkichakarn, an official from the bank said it has proposed to the government about the plan, adding that the bank also has plans to cooperate with local partners if it is not allowed to operate as a standalone, Eleven Myanmar reported.

“As there are many Myanmar migrant workers in Thailand, we’re planning to expand our services such as remittance for their convenience,” said Nuttaphong.

The central bank of Myanmar has recently announced that there will be three steps for foreign banks to begin their services in the country; firstly to open their representative offices, secondly to establish a joint venture with local partners and finally to open their own branches.

Vice chairman of the central bank said recently that there will be no heavy impact on the local private banks as there will be limits for foreign banks operating in Myanmar in accordance with regional rules.

Economists say millions of dollars have been remitted to Myanmar each year as there are more than two million Myanmar migrant workers in Thailand.

Many regional banks from Thailand, Taiwan and other Southeast Asian countries are preparing to enter Myanmar, according to sources.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00