"Siam Commercial Bank is seeking approval from the Central Bank of Myanmar (CBM) to upgrade SCB's representative office to operate under a bank subsidiary licence in the neighbouring country. The subsidiary model would offer SCB greater opportunities to do banking business in Myanmar, said chief executive Arthid Nanthawitthaya. Among the three options that the CBM has offered to foreign banks, a subsidiary licence is the most suitable model for SCB, Mr Arthid said. In the event that SCB gains a subsidiary licence in Myanmar, the bank must inject fresh funds to upgrade its representative office to a subsidiary bank as required by CBM regulations, he said. The CBM permits foreign banks to operate business in Myanmar under three licence types: subsidiary, foreign bank branch and equity holding in a local bank..."