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.
