Bangkok Bank set to open branch in Yangon

Bangkok Bank (BBL) is set to open its first branch in Myanmar next Tuesday after obtaining permission from the Central Bank of Myanmar.

The Yangon branch will provide a full range of services for foreign-invested companies and domestic banks in Myanmar in both foreign currencies and kyat, BBL said in a statement.

The bank was one of nine foreign banks, and the only Thai bank, to receive preliminary approval for a licence to commence operations in Myanmar last October.

The new branch will enable the bank to increase services that include savings, lending, trade finance, foreign currency exchange, domestic and international fund transfers and basic commercial bank services t to BBL’s international network to provide a wider range of services to customers doing business in Myanmar, president Chartsiri Sophonpanich said.

Meanwhile, the bank plans to increase its number of wealth customers, with minimum assets under management of 3 million baht, to 100,000 in the next few years from 80,000 now, executive vice-president Taweelarp Rittapirom said.

BBL shares closed yesterday on the Stock Exchange of Thailand at 180 baht, unchanged, in trade worth 441 million baht.

Source: The Bangkok Post

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