CIMB Thai Bank to upgrade status of its branch representative in Myanmar

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BANGKOK, March 4 – CIMB Thai Bank Plc is considering upgrading its branch representative in Myanmar to welcome the ASEAN Economic Community (AEC) in 2015.

President and Chief Executive Officer Subhak Siwaraksa said the bank aims to expand into financial advisory services and provide loans to trade organisations and large-scale companies in Myanmar.

He said the bank believed trading and commercial transactions in ASEAN will continue to grow as a result of AEC.

The bank will also issue ATM cards for small- and medium-sized entrepreneurs to use in the ASEAN region without fees.

Mr Subhak said consumption is growing in Myanmar, while both the trade and investment outlooks are on a positive trend.

However, Thai entrepreneurs are advised to monitor key developments in Myanmar if the intend to invest in the country, including the continuity of political reform, infrastructure development, and law amendments to facilitate trade and investment.