Revoked major private bank in final liquidation process

The Asia Wealth Bank, one of the two private banks in Myanmar closed down by the government in March last year, is in its final liquidation process with the government-run bank administration notifying bank depositors to promptly withdraw their savings under different titles, the local weekly Voice reported in this week's issue.

The liquidation process under the order of a local court will be due to end next Tuesday afternoon, the bank administration said, adding that after the ultimatum, all unclaimed deposits and properties will be handed over to the state.

Asia Wealth Bank, along with the Myanmar Mayflower Bank, was closed down by the government for allegedly being linked to money laundering. The investigation into the two banks, which were set up in 1995 and 1994 respectively, had been conducted since December 2003.

In August last year, with 27 branches across the country, one more local and major private bank, the Myanmar Universal Bank, was also sealed by the government on charge of money laundering and the bank operation has been taken over by the State Economic Bank.

Private banks were nationalized in Myanmar in 1963 during Ne Win's government but after the country started to adopt the market- oriented economic system in late 1988, private banks were allowed to operate again since 1992 and since then there had been 20 such banks across Myanmar with a total of 350 branches.

With the take-over of the three banks by the government and the merger of three other cooperative banks to become a public-listed bank in recent years, there remained 15 of such banks in operation as of the end of 2005.

Source: Xinhua