Ayeyarwady Bank is preparing to open services in other countries, according to managing director Phyo Aung.
AYA bank is one of the banks on the US’s blacklist, along with some state-owned banks, such as Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank, as well as military-owned banks such as Innwa Bank and Myawaddy Bank. The blacklist also includes some private banks, including the Asia Green Development Bank, owned by tycoon Tay Za.
“We are working developing a new strategy rather than on being removed from the US sanctions. US sanctions do not affect our corporate banking with foreign financial organisations, according to the General Licence issued by the US Treasury Department. So we are still working with VISA and Mastercard from the US,” said Phyo Aung.
The bank joined the United Nation Global Compact in August 2012. Last year, it also teamed up with VISA and Mastercard to begin offering international banking services.
AYA Bank has opened a total of 71 branches across Myanmar, along with 124 ATMs are nationwide. The bank has a capital of more than Ks 62 billion and is considered one of the top banks in the country.
Zaw Zaw, the chairperson for AYA Bank, said he expects to the number of branches across Myanmar to reach 150 in 2015.