Myanma Economic Bank

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Myanma Economic Bank
Native name
မြန်မာ့စီးပွားရေးဘဏ်
Formerly
Burma Economic Bank
IndustryBanking
FoundedApril 2, 1976 (1976-04-02) in Rangoon, Burma
HeadquartersNo. 26, Thiri Kyaw Swa Street, ,
Websitemeb.gov.mm

Myanma Economic Bank (Burmese: မြန်မာ့စီးပွားရေးဘဏ်; abbreviated MEB) is a commercial public bank in Myanmar (Burma).

History[edit]

Burma Economic Bank was established as subsidiary of the State Commercial Bank (SCB) on 2 April 1976, under the Bank Act of 1975. The law reversed a 1967 law (The People's Bank of the Union of Burma Act of 1967), by splitting the People's Bank into four separate state-owned banks, namely the Union of Burma Bank (UBB), the Burma Economic Bank (BEB), the Burma Foreign Trade Bank (BFTB) and the Burma Agricultural Bank (BAB).[1] In 1963, all banks were nationalized as a result of the Burmese Way to Socialism.[1] The Burmese government had previously consolidated all of these nationalized banks under the People's Bank of the Union of Burma.[1] At its establishment, The Burma Economic Bank was formed to serve as the primary deposit-taking and general banking institution.[2]

In 1989, the Myanma Investment and Commercial Bank (MICB) was separated from MEB to provide specialized corporate and investment banking services.[2] In 1993, the Myanma Small Loans Enterprise (MSLE) was separated from MEB.[2] MEB, along with 4 other Burmese banks, were authorized to deal in foreign banking in March 2004.[3]

In December 2013, Daiwa Securities Group and Japan Exchange Group announced that it had entered into a joint venture agreement with Myanma Economic Bank to establish the Yangon Stock Exchange.[4]

References[edit]

  1. ^ a b c "Myanma Economic Bank". Ministry of Finance and Revenue. Retrieved 1 July 2015.
  2. ^ a b c Turnell, Sean. "Profiles of Burma's Banks" (PDF). Macquarie University. Retrieved 1 July 2015.
  3. ^ "Background History of Central Bank of Myanmar". Central Bank of Myanmar. 2010. Retrieved 1 July 2015.
  4. ^ Martin, Alexander; Shibani Mahtani (24 December 2014). "Japan Companies to Help Set Up Myanmar's First Stock Exchange". Wall Street Journal. Retrieved 1 July 2015.