Post by Sapphire Capital on Jul 10, 2008 22:26:01 GMT 4
Asia Wealth Bank (AWB), Yangon, Myanmar
Link: www.awb.com.mm/
(unreliable)
Address:
584, Strand Rd, LMDW Tsp, LMDW
Olympic Tower II, Ahlone T/s,
Yangon, Myanmar.
Phone: +951-212701,02,03,07,12
Facsimile: +951-224787
Largest Private Commercial Bank in Myanmar
Ownership mostly Olympic Construction Comp. but through screens mostly current or former military commands
Established November 21, 1994, banking commencement 1994
This bank is a bankrupt entity with large loans on the books which are unrecoverable, very well connected with the military government, offers e-banking for retail customers.(since there are only 2 ISP’s and only 50000 Internet users approx. its not much of an issue)
If you can not avoid doing business locally a useful bank, however service and accommodation for foreigners is not good, anything above 1000 USD is a risk to hold there. With the FATF restrictions still in place and Myanmar on the list of the less favorable countries, there is not much legal business going on there beside the trade with neighbors such as China and Thailand. Especially the area of Myitkyina is known for its high volume of cash transactions which are then watered down through other channels.
The bank was suspended in 2003 officially for money laundering concerns following international pressure, however the real concern was a scam and loss of money with a Chinese Investment which was covered up.
The bank does exist and does not, which is typical for Myanmar. The licence is there, there is active use of the facilities but in terms of accounting and handling the inside entity is different from the outside presenting entity.
For a technical description of the regulatory environment in Myanmar use: mission.itu.ch/MISSIONS/Myanmar/t&b/finance.html
Link: www.awb.com.mm/
(unreliable)
Address:
584, Strand Rd, LMDW Tsp, LMDW
Olympic Tower II, Ahlone T/s,
Yangon, Myanmar.
Phone: +951-212701,02,03,07,12
Facsimile: +951-224787
Largest Private Commercial Bank in Myanmar
Ownership mostly Olympic Construction Comp. but through screens mostly current or former military commands
Established November 21, 1994, banking commencement 1994
This bank is a bankrupt entity with large loans on the books which are unrecoverable, very well connected with the military government, offers e-banking for retail customers.(since there are only 2 ISP’s and only 50000 Internet users approx. its not much of an issue)
If you can not avoid doing business locally a useful bank, however service and accommodation for foreigners is not good, anything above 1000 USD is a risk to hold there. With the FATF restrictions still in place and Myanmar on the list of the less favorable countries, there is not much legal business going on there beside the trade with neighbors such as China and Thailand. Especially the area of Myitkyina is known for its high volume of cash transactions which are then watered down through other channels.
The bank was suspended in 2003 officially for money laundering concerns following international pressure, however the real concern was a scam and loss of money with a Chinese Investment which was covered up.
The bank does exist and does not, which is typical for Myanmar. The licence is there, there is active use of the facilities but in terms of accounting and handling the inside entity is different from the outside presenting entity.
For a technical description of the regulatory environment in Myanmar use: mission.itu.ch/MISSIONS/Myanmar/t&b/finance.html