Regional integration in Asean.
Among Siam Commercial Bank's efforts in preparing for this is by the opening of a representative office in Myanmar.
The focus is now to strengthen its overseas operations, first by creating or upgrading bases in the Asean countries before expanding to other parts of Asia, particularly in China.
"SCB is in the process of strengthening its international business network in preparation for the AEC, which will witness new growth in trade and investment between Thailand and neighboring countries," said Manop Sangiambut, executive vice president for International Banking Business Division.
According to Sangiambut, the opening of the representative office in Myanmar is a major strategic step for SCB, especially now that foreign investment laws are revised to more firmly support an increase in investment.
In the future, SCB will seek to upgrade the representative office to a joint-venture bank or a branch.
The Myanmar’s office will reinforce the bank’s network in the Greater Mekong Subregion. It will serve as a centre to provide information on finance, investment and trade, and as a link for customers seeking to invest in the country. The office will also help Myanmar customers seeking to invest, trade and do business abroad. SCB has established relationships with eight local banks in Myanmar, including both government and private banks, to provide cross-border fund transfers, import-export services, currency exchange and business matching.
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