Thailand's KBank starts expansion in Myanmar

Kasikornbank furthered its Asean presence with a representative office in Myanmar.

It plans to make its presence felt in all 10 Asean countries.

KBank senior executive vice president Somkiat Sirichatchai said the Yangon office would enable the bank to get to know the people and the market before expanding the operation into a branch.

"KBank uses the partnership model to become an Asian bank by working with local banks to understand the market, before expanding the business in the mode and timing deemed appropriate," he said.

The bank has 35 business partners in nine countries, besides Myanmar.

It also currently has 11 private-bank partners in Myanmar. "We don't want to limit it to one partner, because we want to draw from the different expertise of each private bank," said first senior vice president Pattanapong Tamsomboon.

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