Thailand's fourth-largest commercial bank, Siam Commercial Bank (SCB) has set up a bank in Myanmar after receiving a subsidiary business license from the Central Bank of Myanmar with the aim to expand in the neighboring market via offline and online platforms.
It has registered a company under the law of Myanmar under the name Siam Commercial Bank Myanmar Ltd (SCBM). SCB will hold a 100% stake in SCBM's total issued and paid-up capital, with registered capital of US$150 million (4.73 billion baht).
SCBM is in the process of operational establishment for inspection before being granted the final subsidiary license from Myanmar's central bank.
SCBM will focus on large corporate clients, both Thai and Burmese, operating in Myanmar. Many of the bank's corporate clients are already operating in Myanmar, and outbound investment is expected to rise in line with the country's growth potential, said SCB co-president Sarut Rattanaporn.
SCBM also plans to explore retail banking business in Myanmar, including digital services to respond to customer needs.