Myanma Economic Bank ( my, မြန်မာ့စီးပွားရေးဘဏ်; abbreviated MEB) is a commercial

public bank A public bank is a bank, a financial institution, in which a state, municipality, or public actors are the owners. It is an enterprise under government control.

Myanmar Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John Wells explai ...

(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). In 1963, all banks were nationalized as a result of the

Burmese Way to Socialism The Burmese Way to Socialism ( my, မြန်မာ့နည်းမြန်မာ့ဟန် ဆိုရှယ်လစ်စနစ်), also known as the Burmese Road to Socialism, was the state ideology of the Socialist Republic of the ...

. The Burmese government had previously consolidated all of these nationalized banks under the People's Bank of the Union of Burma. At its establishment, The Burma Economic Bank was formed to serve as the primary deposit-taking and general banking institution. In 1989, the Myanma Investment and Commercial Bank (MICB) was separated from MEB to provide specialized corporate and investment banking services. In 1993, the Myanma Small Loans Enterprise (MSLE) was separated from MEB. MEB, along with 4 other Burmese banks, were authorized to deal in foreign banking in March 2004. In December 2013,

Daiwa Securities Group is a Japanese investment bank that is the second largest securities brokerage after Nomura Securities. Major subsidiaries include ''Daiwa Securities'', which offers retail services such as online trading to individual investors and investment ...

and Japan Exchange Group announced that it had entered into a joint venture agreement with Myanma Economic Bank to establish the

Yangon Stock Exchange The Yangon Stock Exchange ( my, ရန်ကုန်စတော့အိတ်ချိန်း; abbreviated YSX) opened on December 2015, at the former Central Bank of Myanmar and Myawaddy Bank headquarters in Yangon. On 23 December 2014, tw ...

References

{{reflist Banks of Myanmar Banks established in 1976 1976 establishments in Burma Naypyidaw Government-owned banks Entities related to Myanmar sanctions