The Bangkok Post reported that Siam Commercial Bank (SCB), Thailand’s fourth-largest commercial lender by assets, has set up a bank in Myanmar.

It received a subsidiary business licence from the Central Bank of Myanmar, aiming to expand via offline and online platforms.

The new company is registered under the name of “Siam Commercial Bank Myanmar Ltd (SCBM)”, as notified to the Stock Exchange of Thailand last week and SCB will hold 100% of the USD 150 million capital of SCBM.

SCB co-president Sarut Rattanaporn said SCBM will focus on large corporate clients, both Thai and Burmese, operating in Myanmar, as well as on retail banking, including digital banking, though not confirming it will open the 10 branches it has been granted.