Tuesday 24 September 2013

Myanmar Gems Entrepreneurs Federation plans to establish a public bank

Myanmar Gems Entrepreneurs Federation is planning to establish a public bank, according to the members of the federation.

Once established, it will become the latest bank added to the current 22 public banks that are privately owned in Myanmar.

The plan to establish such a public bank is aimed at bringing about the development of Myanmar gems and mineral resources, Myanmar Gems Entrepreneurs Federation said.

The federation called a meeting this month to discuss the details of the plan, and its chairman Tycoon Tay Za and the members from Mandalay, Mogok and Myitkyina Townships attended it. They intend to name the bank as ‘Gems and Mineral Development Bank’.

Until recently, Myanmar had only 19 private banks. The total number the private banks became 22 when the Central Bank approved three new banks including Myanmar Microfinance Bank and Construction and Housing Development Bank_ both of which are yet to start operation in the near future. They have a total of 577 branches as at the end of August.

Meanwhile, there are 34 foreign banks’ representative offices in the country. According to the rules of the Central Bank, foreign banks are still barred from opening branches in Myanmar.

source: Eleven Myanmar
http://www.elevenmyanmar.com/national/3483-myanmar-gems-entrepreneurs-federation-plans-to-establish-a-public-bank 

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