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Thai Bank Opens Burma Office, Seeks Local Partner

25 December 2012

Thailand’s state-owned Krung Thai Bank (KTB) is hoping to expand its operations in Burma following its recent opening of a representative office in the country by forming a joint venture with a local partner, The Bangkok Post reported on Tuesday. Under Burmese law, foreign banks that have been allowed to open a representative office must form a joint venture before they are allowed to open a subsidiary and branch offices. KTB, Thailand’s second-largest bank, said its Burmese operations will focus on lending to large local companies, which are dominated by a handful of military cronies.