KASIKORNBANK PCL (KBank) have met with the Central Bank of Myanmar

Stocks and Financial Services Press Releases Tuesday January 14, 2020 16:46
Bangkok--14 Jan--KASIKORN BANK

Mr. Pattarapong Kanhasuwan, KBankExecutive Vice President, said that reference is made to news reports that representatives of Ayeyarwaddy Farmers Development Bank (A bank) and KASIKORNBANK PCL (KBank) have met with the Central Bank of Myanmar for equity participation with A bank. KBank would like to inform that this meeting is intended to discuss KBank's business development in Myanmar. According to the Central Bank of Myanmar's notification, foreign banks are allowed to operate a business in three license types as follows:

1. Establish a commercial bank as a subsidiary
2. Establish a foreign bank branch
3. Apply for equity participation with a local bank

KBank is now studying these three options to establish businesses in Myanmar. Based on news reports on KBank's plan to discuss this matter with the Central Bank of Myanmar, it is now in the process of consideration by the Central Bank of Myanmar. KBank is now considering a process and negotiating investment models in order to finalize an appropriate structure to undertake investment in Myanmar, which must be worthwhile in conformity with the regulations of the Central Bank of Myanmar, the Bank of Thailand and relevant laws and regulations of both countries. This will depend on approval decision by the Central Bank of Myanmar and the Bank of Thailand as concerns the business license type.

Regarding investment expansion in Myanmar, KBank is committed to increasing financial inclusion in order to allow consumers and businesses in Myanmar to have greater access to financial services, strengthening Myanmar's economy, as well as expanding business opportunities and collaborations between Thailand and Myanmar.

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