BAGAN, MYANMAR : CIMB Thai Bank (CIMBT) plans to open its first overseas branch in Vientiane in the third quarter this year to strengthen the regional networks of its parent CIMB Group, says chief executive officer Subhak Siwaraksa.
Malaysia-based CIMB Group, which holds a 93.15% stake in CIMBT, is using the Thai branch to expand into Laos because of the closer relationship between the two countries, he said. The group branched out on its own in Myanmar and Cambodia, operating a representative office for 17 years in Myanmar as it waits for government clearance for a branch upgrade.
The group has a presence in eight Asean countries _ Malaysia, Indonesia, Thailand, Singapore, Cambodia, Brunei, Vietnam and Myanmar _ with business operations in Australia, South Korea and the Middle East developed via mergers and acquisitions.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.