Type of organization
State-owned Commercial Bank rendering commercial banking as well as treasury banking services
Myanma Economic Bank (MEB), which was established on 2 April 1976, was originated from the State Commercial Bank (SCB) founded in 1954.
In accordance with the State Commercial Bank Law, the State Commercial Bank (SCB), the first and foremost state-owned commercial bank in Myanmar, was established in 1954 with the aim to raise the entire peoples economic development through a nation-wide banking system. Since its establishment, the SCB expended its service areas as well as its number of branches throughout the country year by year. There were 40 SCB branches throughout the country in 1962.
Myanmar changed its course to course to socialism in 1962 and all existing banks were nationalized in 1963. To be in line with the Peoples Bank of the Union of Burma Act of 1967, all the nationalized banks were merged together as a monolithic bank called Peoples Bank of the Union of Burma. However, well aware of inefficiency of the monolithic banking system to the economy, the Bank Act of 1975 was promulgated and the Peoples Bank was re-established into four state-owned banks- Union of Burma Bank (UBB), Myanma Economic Bank (MEB), Myanma Foreign Trade Bank (MFTB) and Myanma Agricultural Bank (MAB) with effect from 2 April 1976.
Though MEB was the successor of the former SCB, it provided only domestic banking services while the MFTB and MAB rendered foreign exchange transactions and seasonal loans for agricultural development, respectively.
In 1988, Myanmar has pursued market oriented economy and accordingly, the Central Bank of Myanmar (CBM) Law and Financial Institutions of Myanmar (FIM) Law were promulgated in 1990 in order to restructure the financial sector to be in line with the market economy. The FIM Law recognized MEB as an existing state-owned commercial bank.
As FIM Law grants a wider coverage of banking se