Thursday, 17 July 2014

MCB receives Ks 18 million in deposits this year

Myanmar Citizens Bank (MCB) has received just over Ks 18 million in deposits this year, according to a report submitted at its 22nd annual general meeting.

“The MCB’s deposits have reached Ks 18,788 million, which is up by Ks 5,078 million this year compared with that of last year,” said Win Myint, managing director of the MCB.

The bank has been working to boost its investments annually. The total deposits received were Ks 4,450 million in 2010, Ks 5,600 million in 2011, Ks 6,650 million in 2012 and Ks 13,710 million in 2013 respectively. This year has seen a 38 per cent increase. 

According to its official report, the deposits received until 2014 have amounted to Ks 76,948 million.

The MCB was established in 1991 and started its business with the approval of the Central Bank of Myanmar. 

The MCB is offering banking services as well as wholesale and retail services and overseas remittances.

The joint venture corporations were abolished in 1998 when the ministry of commerce took them over. Now the ministry of commerce owns a 55 percent of shares.

source: Eleven Myanmar
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