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Siam Commercial Bank eyes subsidiary license in Myanmar

Siam Commercial Bank PCL CEO Arthid Nanthawitthaya said the lender is looking to upgrade its representative office in Myanmar into a subsidiary, Bangkok Post reported.

The bank is seeking approval from the Central Bank of Myanmar to allow its representative office operate under a bank subsidiary license.

The move will give the bank greater opportunities to conduct banking operations in Myanmar, the executive noted.

Should the bank obtain approval, it should inject fresh funds into its representative office for the subsidiary upgrade.