Myanmar’s KBZ Bank inaugurates rep office in Bangkok
KANBAWZA BANK, part of the KBZ Group of Companies, wants to have a presence in all Asean countries in an effort to lure trade and investment to Myanmar, said Nyo Myint, senior managing director of KBZ Group. The bank held the grand opening of its repres
After Thailand, the bank plans to open a rep office in Singapore next month. It is waiting for a licence to open a rep office in Malaysia.
It also plans to upgrade its representative offices to branches once they are mature enough to provide full banking service. This upgrade plan depends on the regulations of each country.
Nyo Myint said the rep office in Thailand was keen to build relationships with Thai banks.
KBZ received a licence from the Bank of Thailand this year to open the office.
It is the completion of KBZ Bank’s first step towards its goal of becoming Myanmar’s foremost commercial presence in the Southeast Asian region and beyond.
“We intend to start offering financial and advisory services as soon as possible to Myanmar individuals and businesses in Thailand and, naturally, Thai businesses interested in entering Myanmar,” said Than Cho, senior managing director of KBZ Bank.
“We hope they take advantage of our extensive knowledge of Myanmar’s financial markets and join the growing bilateral trade between our two countries.”
He believes that the new office in Thailand could play a key role in helping Myanmar support the entire Asean business community.
When Thai Deputy Prime Minister Prawit Wongsuwan met Myanmar President Htin Kyaw in Nay Pyi Taw last month, it was announced that the two countries intended to double their trade to US$20 billion (Bt700 billion) next year.
Through its representative office, KBZ Bank will help reach that target, Than Cho said.
“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,” he said.
KBZ Bank is able to explore opportunities to build relations with, and eventually cater to, the large population of Myanmar nationals in the Kingdom – estimated to be about 3 million people – when they return to their home country.
To launch the office, KBZ Bank had to undergo stringent due diligence and demonstrate significant transparency as part of the licence application.
This included an appraisal of the bank’s position in the market, background information on 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.
KBZ Group says it has a proven track record of operating with industry best practices, as evidenced in 2014 when the Myanmar Centre for Responsible Business recognised the KBZ Group of Companies as the most transparent organisation in Myanmar.
