Myanmar won’t allow any more private banks (full list)

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kanbawza bankMyanmar will not grant permission for new private banks except for branch offices which are jointly cooperating with the government, according to the Deputy Minister of Finance, Eleven Myanmar reported on July 29.

There were 20 local private banks being opened until the end of May 2013, and application for others have been lodged, among them Myanmar Microfinance Bank and Housing Development Bank.

Among 20 private banks, Kanbawza Bank has already opened the most branch offices. Others are preparing to open up to 100 branch offices during 2103.

In the past, the government declared that any private bank needs to keep 700 million kyats ($714,000) as a collateral, but the policy has been changed since the beginning of 2013.

Due to the change of regulations, private banks had obtained land rent permits, building lease permits and permission for opening their branch offices at supermarkets.

Full list of Myanmar banks and their branches:

Kanbawza Bank (109)

Myanmar Livestock and Fishery Development Bank (60)

Yoma Bank (50)

Cooperative Bank (43)

Ayeyawady Bank (37)

Inwa Bank (33)

Asia Green Development Bank (28)

Myawaddy Bank (27)

Myanmar Apex Bank (24)

First Private Bank (21)

Myanmar Oriental Bank (20)

United Amara Bank (16)

Tun Foundation Bank (14)

Small and Medium Industrial Development Bank (11)

Myanmar Citizens Bank (9)

Asia Yangon Bank (5)

Yadanapon Bank (2)

Yangon City Bank (2)

Rural Development Bank (2)

Nay Pyi Taw Sibin Bank (1)

 

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Reading Time: 1 minute

Myanmar will not grant permission for new private banks except for branch offices which are jointly cooperating with the government, according to the Deputy Minister of Finance, Eleven Myanmar reported on July 29.

Reading Time: 1 minute

kanbawza bankMyanmar will not grant permission for new private banks except for branch offices which are jointly cooperating with the government, according to the Deputy Minister of Finance, Eleven Myanmar reported on July 29.

There were 20 local private banks being opened until the end of May 2013, and application for others have been lodged, among them Myanmar Microfinance Bank and Housing Development Bank.

Among 20 private banks, Kanbawza Bank has already opened the most branch offices. Others are preparing to open up to 100 branch offices during 2103.

In the past, the government declared that any private bank needs to keep 700 million kyats ($714,000) as a collateral, but the policy has been changed since the beginning of 2013.

Due to the change of regulations, private banks had obtained land rent permits, building lease permits and permission for opening their branch offices at supermarkets.

Full list of Myanmar banks and their branches:

Kanbawza Bank (109)

Myanmar Livestock and Fishery Development Bank (60)

Yoma Bank (50)

Cooperative Bank (43)

Ayeyawady Bank (37)

Inwa Bank (33)

Asia Green Development Bank (28)

Myawaddy Bank (27)

Myanmar Apex Bank (24)

First Private Bank (21)

Myanmar Oriental Bank (20)

United Amara Bank (16)

Tun Foundation Bank (14)

Small and Medium Industrial Development Bank (11)

Myanmar Citizens Bank (9)

Asia Yangon Bank (5)

Yadanapon Bank (2)

Yangon City Bank (2)

Rural Development Bank (2)

Nay Pyi Taw Sibin Bank (1)

 

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