Logo of Phnom Penh Post newspaper Phnom Penh Post - Thai bank in Rangoon

Thai bank in Rangoon

Thai bank in Rangoon

RANGOON, Burma (AP) - The Thai Military Bank opened a representative office in Rangoon

on Jan. 21, becoming the first foreign bank allowed to operate in this isolationist

nation.

At an opening ceremony, bank President and Chief Executive Officer Thanong Bidaya

said he hoped the office will develop into a full branch office in the near future.

Attending the ceremony was Kyaw Kyaw Maung, vice governor of Burma's Central Bank.

Thai Military Bank is the sixth largest Thai bank in terms of total assets.

Other overseas banks have been trying unsuccessfully for years to gain Burma's permission

to operate in the country.

For the past three decades, Burma has been ruled by closed, socialist-style military

regimes, although a more moderate leadership in place since last April has pursued

some reforms.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro