Four Businessmen Granted Private Bank License
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Friday, November 22, 2019

Four Businessmen Granted Private Bank License

By The IRRAWADDY Monday, May 31, 2010


The Burmese junta has granted licenses to establish private banks to four businessmen who are close to the ruling generals, according to sources in Rangoon.

The four businessmen are Tay Za (Htoo Co., Ltd.), Zaw Zaw (Max Myanmar Co., Ltd.), Nay Aung (IGE Co., Ltd.) and Chit Khaing (Eden Group Co., Ltd).

The businessmen and their respective banks are Tay Za, Asia Green; Zaw Zaw, Irrawaddy; Nay Aung, Amara; and Chit Khaing, Myanma Leading.

Six of Burma's wealthiest businessmen applied for licenses. However, Htun Myint Naing (Asia World Co., Ltd.), and Dr. Sai Sam Htun (Loi Hein Co., Ltd) were not granted licenses. The reason for the denial of their application is not known.

In 2003, the US banned two Burmese private banks, which were allegedly link to illegal narcotics. The banks were the May Flower Bank and Asia Wealth Bank.

Burma has 14 private banks, mostly located in Rangoon. In 1998, Burma had 20 private banks. Burma's central bank began issuing banking licenses within the private sector in 1992. No licenses were have been granted since 2002.

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Oo Maung Gyi Wrote:
Banking licence without international operation is meaningless. A domestic licence is just like a pawnshop where is security and also no insurance. This is just a game to lie and fool the people. These bankers want people's money to utilize for their own benefits. These banks can not provide loan and facilities for the public.
Is there any economist in Burma to cooperate with these banks? All Burmese economists are working abroad, these economists do not want to cooperate in this type of banking which has no international banking standard. All these banks are going to make fruitless and meaningless operation without a network link to other parts of the world.

Yangontha Wrote:
Congratulations to a "Gang of Four" for their great success, who may need to own more banks in Burma for they do not have enough space to hide their unlimited money, which has flowed from the locals' blood.

Therefore, they should also apply for a private blood bank license for the future.

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