Agency) -- One more new private bank in Myanmar, which will be run by the Loihein Company, will emerge soon after a decade of absence of private bank establishment, the local Yangon Times reported in this week's issue.The Loihein company is now running a giant Alphine purified water business
, also known as one of the most successful private businesses in Myanmar.The bank project will be implemented by the company during this year, the report said.
Private banks were nationalized in Myanmar in 1963 during the previous government but after the country started to adopt the market-oriented economic system in late 1988, private banks were allowed to operate again since 1992, and since then there had been 20 such banks across Myanmar with a total of 350 branches.
With the take-over of the three banks by the government and the merger of three other cooperative banks to become a public-listed bank in the past decade, there remained 14 of such banks in operation so far. Of them, 13 are in Yangon, while the remaining one in Mandalay, according to the report.
The 14 private banks in Yangon are listed as Myawaddy Bank, Myanmar Citizen Bank, Myanmar Industrial Development Bank, Cooperatives Bank, Tun Foundation Bank, Yangon City Development Bank, Inwa Bank, First Private Bank, Myanmar Oriental Bank, Kanbawza Bank, Myanmar Livestock and Fishery Development Bank, Border Development Bank and Yadanabon Bank.
In addition to the private banks, some state banks go to State Economic Bank, Myanmar Investment and Commercial Bank, Foreign Trade Bank.
All banks are governed by the government's Central Bank.
Source :http://www.istockanalyst.com/article/viewiStockNews/articleid/3864098#
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