Friday, 23 May 2014

No takeover at Cooperative Bank

Cooperative Bank (CB) has quashed the rumour that its founder Khin Muang Aye has sold his stake in the bank.

The bank held a press conference on Tuesday, as some customers have withdrawn money from the bank.

“The rumour is completely nonsense. Nobody has secretly acquired our bank and we have carried out our normal operations,” said Pe Myint, the administrative director of the CB.

Some websites reported that Ai Htun, the former owner of Asia Wealth Bank and currently head of Shwe Taung Group, secretly acquired the bank from Khin Maung Aye.

Pe Myint added that withdrawals in the past days were huge just because they were made around the pay day. He insisted that the bank has witnessed no irregularity.

He also noted that the bank’s capital and balance sheets are well supervised by the Central Bank of Myanmar.

“We have followed the international standards, in maintaining the liquidity. The central bank requires banks to maintain cash reserves worth 20 per cent of transactions, to maintain liquidity. At our bank, the ratio is 30 per cent. I can assure you all that the bank is functioning well,” Pe Myint said.

CB, one of 19 private banks in the country, started operations on August 21, 1992. Currently, it operates with 82 bank branches across the country.

source: Eleven Myanmar
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