Asia Green Development Bank, one of Myanmar’s largest privately owned banks, received approval on Monday from the Directorate of Investment and Companies Administration to become a public company, the officials said.AGD announced late last month that it planned to turn itself into a public company and sell shares to the public.

The bank is owned by tycoon Tay Za, a close associate of former Senior General Than Shwe. It opened its first branch in August 2010 and became the first bank in Myanmar to offer online banking a year later. AGD now has 26 branches.

Myanmar has four state-run banks and 19 privately owned banks. The largest private banks are Kanbawza, Ayeyawady, Cooperatives and AGD.

Government-owned Myanmar Agricultural Development Bank is also reportedly planning to reconstitute itself as a public company.