Myanmar’s largest bank clinches licence to open office in Thailand

It’s the first Myanmar bank to have an international office.

Myanmar’s Kanbawza Bank (KBZ) has officially received a licence from the Bank of Thailand to open a representative office in the country.

This licence makes KBZ Bank the first Myanmar bank to establish an international presence.

U Than Cho, Senior Managing Director of KBZ Bank, says that the new office in Thailand could play a key role in helping Myanmar re-integrate into the ASEAN business community.

“The long-standing relationship between the two countries offers ample opportunities to collaborate across various sectors in the region. We have long been a leading financial institution in Myanmar, and are prepared to represent the country alongside our international industry peers,” added U Than Cho.

In order to open this office, KBZ Bank had to undergo stringent due diligence procedures and demonstrate significant transparency as part of the licence application. This included an appraisal of the bank’s position in the market, background information of its shareholders, the awards the bank has received and its accounts and investments to ensure its operations adhered to the guidelines set by the Bank of Thailand.

The representative office will be headed by Zeyar Sein Htut, KBZ Bank’s newly appointed Country Head for Thailand, and will focus on activities such as market research, liaising with the private sector and serving as a source of information, including regulatory requirements for doing business both in Thailand and Myanmar. The location and opening date of the office will be announced in the near future.