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

  • Archeologists find ancient phallic statue

    An archeological team has found a metre-long tipless stone linga (penis) of the Hindu deity Shiva in the foundations of a temple in Kratie province’s historical Samphu Borak area, a former capital of the pre-Angkor Empire Chenla period. Thuy Chanthourn, the deputy director of

  • Man arrested for fake PM endorsement

    The owner of currency exchange company GCG Asia Co Ltd was temporarily detained by the court yesterday for attempted fraud after Prime Minister Hun Sen reacted to the company using his name and pictures to allege his endorsement of the firm. Phnom Penh Municipal Court

  • Sihanoukville authority orders structure dismantled

    The Preah Sihanouk provincial administration has ordered owners of two unauthorised construction sites to immediately dismantle them and warned of legal action if the owners failed to comply. Ly Chet Niyom, development management and construction bureau chief at the provincial hall, told The Post on

  • Police seek arrest of Chinese ‘gang’

    Cambodian police remain on the lookout for 20 Chinese nationals who earlier this month posted a video clip threatening to stoke insecurity in Preah Sihanouk province, though the Chinese Embassy in Phnom Penh maintained the group posed no threats to Cambodia’s national security. National Police