Myanma Economic Bank![]() |
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Native name | မြန်မာ့စီးပွားရေးဘဏ် |
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| Formerly | Burma Economic Bank |
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| Industry | Banking |
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| Founded | April 2, 1976 (1976-04-02) in Rangoon, Burma |
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| Headquarters | No. 26, Thiri Kyaw Swa Street, , |
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| Website | meb.gov.mm |
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Myanma Economic Bank (Burmese: မြန်မာ့စီးပွားရေးဘဏ်; abbreviated MEB) is a commercial public bank in Myanmar (Burma).
History
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
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