Two state-owned banks to be merged for reform
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NP News - Aug 10
The State running banks - Myanma Economic Bank and Myanma Agricultural Development Bank will be merged into ‘Trading Bank’ as part of the banking reform for development in the financial sector, according to the Ministry of Planning and Finance.
The reform is made to establish a sole and competitive bank in the market with strong financial capability, said the ministry.
The Ministry of Planning and Finance conducted reforming in its functions and mandates of the Project Management Team on 23rd June 2022. The team was initially organized in 2021 October.
Necessary working plans for merging the two banks will be drafted in which assets and liability of the Myanma Agricultural Development Bank will be transferred to Myanma Economic Bank in line with laws and procedures, and to develop the ‘Trading Bank’ as a competitive bank.
The Project Management Team is delegated to appoint the officials from Myanmar Economic Bank and Myanma Agricultural Development Bank in suitable positions in the working body, and to make sure the newly upcoming bank to processing in line with Myanmar Financial Reporting Standard (MFRS). The team is also responsible to impose the CORE banking system and digital banking system in the implementation processes.
Director-General Zaw Naing of the Financial Supervision and Inspection Department will chair the Project Management Team, the ministry said.