Yangon – Four new private banks opened in Myanmar’s new capital of Nay Pyi Taw and start business operation this month, the local weekly Popular News reported Wednesday.
The four new private banks are Asia Green, Myanma Apex Bank, United Amera and Ayeyarwaddy, respectively owned by four giant entrepreneurs — U Tay Za (Htoo trading company group), U Zaw Zaw (Max Myanmar Co.Ltd), U Nay Aung (IGE) and U Chit Khine ( Ayedin Co. Ltd).

Myanma Apex bank and United Amera Bank are located in Oaktarathiri township while Asia Green Development Bank and Ayeyawaddy Bank in Zabuthiri township in the capital region.

There are 15 private banks in operation in Myanmar, 13 of which are located in the former capital city of Yangon.

Private banks were once nationalized in Myanmar in 1963 during the previous government but after the country started to adopt the market-oriented economic system in late 1988, private banks were allowed to operate again since 1992.

There are also four state banks in addition to the 15 private ones in Myanmar, which are all governed by the government’s Central Bank.