Tuesday, June 27, 2017
The Myanmar Times
The Myanmar Times

Changes in store for 'Treasure Bank'

The Myanmar Livestock and Fisheries Development Bank public company last week announced a plan to double its capital and change its name, an official said.

The bank will submit an application to the Central Bank of Myanmar to gradually double its capital to K70 billion, said U Kyaw Lwin, its director.

The bank will change its name to “Treasure Bank”, it announced in state-run New Light of Myanmar newspaper on May 7, following a decision made by the bank’s board of directors on May 5.

“We don’t have any court cases that are forcing us to change the name but we want to do so because the name can lead to misunderstandings,” U Kyaw Lwin said. “Some people think that only livestock and fisheries businesses can work with us, but we would like to extend our client base,” he said.

An official name-changing ceremony will be held at Yuzana Hotel on May 12 and U Kyaw Lwin said further details of the bank’s plans would be announced then.

He said the decision to boost the bank’s capital was made to open more branches, since Central Bank requires that each branch must have a certain level of paid-up capital, and to offer further foreign banking services.

The bank has 60 branches nationally, and has offered money remittances into Myanmar through Western Union since January, along with six other banks.

“As soon as we raise our capital, we plan to sell shares, but we have not decided how many shares to sell,” U Kyaw Lwin said.

Most of the bank’s shareholders are individual businesspeople, he said.

The bank formed in 1996, but control of the operation was transferred to the Ministry of Livestock and Fisheries from the Ministry of Trade in 1999.

Last fiscal year, the bank’s deposits totalled K367 billion, up from K2.3 billion 12 years ago, it said.