Overview of Banks in Myanmar
Founded in 1948 as the Union Bank of Burma, the Central Bank of Myanmar (CBM) acts as the country’s central monetary authority. CBM works to ensure price stability in the financial system. The central bank also supervises financial institutions and state-owned and private banks in Myanmar.
In 2017, Myanmar initiated the first extensive audit of state-owned banks as part of modernization efforts of its financial system and initiatives to address risks to the country’s rapid economic growth.
For anyone considering a banking career in Myanmar, this list is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Myanmar Include:
Kanbawza Bank Limited (KBZ)
Established in 1994, Kanbawza Bank Limited (KBZ) is the biggest private sector bank in Myanmar. The bank operates as a subsidiary of the KBZ Group. Headquartered in Yangon, it oversees over 200 branches and more than 80 currency exchange counters throughout the country.
Founded in 1993 by the First Myanmar Investment Company, Yoma Bank is one of the largest commercial banks in Myanmar. The bank operates several branches in 24 cities across the country. In 1999, it became the first bank in Myanmar to adopt a computerized accounting system and install wireless communications to connect all its branches via satellite.
Asia Green Development Bank (AGD Bank)
Asia Green Development Bank (AGD Bank) started its commercial banking operations in Myanmar in 2010. AGD Bank used to be 100% owned by the Htoo Group of Companies before it became a public company in 2013. The bank oversees 70 branches across the country and offers dealer and money changing services through its 65 foreign exchange counters.
Ayeyarwady Bank (AYA Bank)
Ayeyarwady Bank (AYA Bank) commenced operations in Myanmar in 2010. AYA Bank provides individual and commercial banking products and services in the country. Headquartered in Yangon, the private bank operates a network of 227 branches.
United Amara Bank
United Amara Bank offers full banking services in both domestic and foreign currencies in Myanmar. The bank holds a Foreign Banking License issued in 2012, allowing it to issue Letters of Credit and engage in foreign banking transactions such as international money transfers. As of 2017, it managed 76 branches and a number of ATMs throughout the country.
Co-operative Bank Limited (CB Bank)
Established in 1992, Co-operative Bank Limited (CB Bank) oversees over 90 branches located throughout Myanmar. Headquartered in Latha, it operates one of the biggest networks in the country. The bank is considered one of the pioneers in providing modern banking services in Myanmar.
Innwa Bank Limited
Created in 1997 by the Myanmar Economic Cooperation (MEC), Innwa Bank Limited is managed by retired and active military officers of the Tatmadaw, which is affiliated with the Myanmar Ministry of Defense. Most of the bank’s branches are located in Yangon and other large cities in Myanmar. It acts as a financial vehicle for the affiliates and subsidiaries of MEC.
Myanma Economic Bank
Founded in 1976 as a subsidiary of the State Commercial Bank, Myanma Economic Bank is one of the oldest banks in Myanmar. Previously known as the Burma Economic Bank, it is also one of the country’s biggest banks with 300 branches, six Head Office Departments, and 14 State and Divisional Banking Offices located in major cities and towns.
Myanma Foreign Trade Bank (MFTB)
A state-owned bank, Myanma Foreign Trade Bank specializes in providing foreign banking services. MFTB offers trade-finance and foreign exchange-related banking services to state-owned enterprises, the government, and foreigners residing in Myanmar. It was created under the 1990 Financial Institutions of Myanmar Law.
Myanma Investment and Commercial Bank (MICB)
Established in 1990, Myanma Investment and Commercial Bank focuses on providing domestic-currency denominated and business loans for commercial, development, and investment activities. With branches mainly located in Mandalay and Yangon, MICB also offers international financial services, including bill collection, Letters of Credit, and payments and settlements for importers and exporters in Myanmar.
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map… For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Myanmar. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: