The Central Bank of Myanmar (CBM) revoked the license of Asia Yangon Bank Ltd on the evening of 16 March due to the breach of existing laws, according to the CBM’s statement on 16 March.

The central bank has a duty to control and supervise the stability of monetary system, according to the provisions of Section 40 (f) of Central Bank Law. In accordance with the provisions of Section 68 of the law, the central bank issues, denies and revokes the licenses of monetary entities and supervise and inspect their operations.

As from 16 Match, the central bank will appoint the administrator. The Yangon Asia Bank’s depositors can withdrawal their money at the branches in relevant townships during the regular office hours.  

According to the deposits list of members of Myanmar Banks Association in January, 2020, 113 people deposited Ks 0.62 billion at Asia Yangon Bank Ltd.

On 17 March, 1994, the Asia Yangon Bank Ltd was established. Its headquarters is located in Yangon. It has ten branches nationwide.