Myanmar’s KBZ Bank has received license from Thailand to open a representative office. KBZ said the license marked a major milestone for Myanmar’s largest private bank as it became the first bank to establish a presence anywhere outside the country. The representative office, which will need further Thai approval before it can provide banking services, will be headed by U Zeyar Sein Htut, the bank’s newly appointed country head for Thailand. KBZ said the office would focus on market research, liaising with the private sector and serving as a source of information, including regulatory requirements for doing business in Thailand and Myanmar. KBZ Bank sees Myanmar’s estimated 3 million migrant workers in Thailand as potential customers. It said it would explore opportunities to build relations with and eventually cater to the migrants when they return to their home country. The bank said it had also applied to open a representative office in Singapore and was poised to continue expansion in ASEAN.
