Agd Bank YangonYangon Agd Bank
On February 18, 2013, AGD Bank was transformed into a publicly owned company under the new motto "We, all Myanmar will development together" with a shareholding of 30.0873 billion Kyat out of 601746 outstanding registered shareholdings. The AGD Bank has 70 branch offices nationwide until September 2017. The establishment of an international banking department, which is licensed as a trader and money changer, offers 65 currency counter for the general population.
Headquarters, Adress, Phone, Website and Fast Codes of AGD Bank, Yangon, Myanmar
The Asia Green Development Bank Limited is a merchant bank offering a broad spectrum of bank advisory products and solutions to retail and business customers in Myanmar. The AGD Bank is a daughter company of the Htoo Group of Companies. The information on this website does not replace professional juridical consultation by a professional who knows your specific circumstances.
This bank list is made public only as a favour. The company accepts no responsability or accountability for mistakes or deletions in the list.
Ownership changes when U Tay Za said to leave AGD Bank
A number of high-profile business people have purchased or divested shares in Asia Green Development (AGD) Bank as it is preparing for its intended Yangon Stock Exchange quotation in 2015. As many as 60 per cent of the bank could have switched owners, with celebrity businessman U Tay Za and his Htoo Group of Companies breaking off the bank's ownership, say insider.
Currently there are about 15 major AGD stockholders, with the biggest stockholder to date having sold his stock in recent month to four or five persons - among them the well-known businessman Mr Kyaw Ne Win, said Asia Green Development Executive Direktor Ul. Kyaw Ne Win is the grandchild of Ne Win, former leader of the Burmese military from 1962 to 1981 and chairman of the governing coalition until 1988.
Soe Thein said U Kyaw was buying Ne Win 1.5pc of the corporation while a number of other businessmen inclusive the proprietor of Mikko Coffee was buying in. But U Kyaw Ne Win tells the Myanmar Times that he acquired 60 AGDs through his Omni Focus business last months, and adds that other people had also made investments.
"I purchased stocks and started to bank because I want to help meet the plight objectives of U Thein Sein," he said. "The best way to help his reforms is to reinvest in the bankers. I' ve got a clear emphasis on improving the bank business," he added.
Since its inception in 2010, U Tay Za has been a prominent shareholder of AGD, although U Soe Thein no longer has the businessman and his Htoo Group of Companies on the shareholder register. Thein added that the changes of owner were commonplace and the publicity was attracted because the persons concerned were well-known personalities.
New and former proprietors are celebrity businessmen in Myanmar. The Htoo Group officers were not immediately available for further comments. United Tay Za and its affiliates - which includes AGD - are blacklisted in the United States, although most of the restriction on trading with AGD and three other financial institutions was removed by a US framework license granted on February 22, 2013.
A Myanmar central bank officer, asking for anonymity, said he was unable to approve or disavow U Tay Za's withdrawal from the AGD, but added that stock selling above a certain threshold and changes must be notified to the central bank's chairman and board of governors.
He added that the central bank can take action in certain cases. The AGD is currently in preparation for listing on the Yangon Stock Exchange, which is scheduled to begin in October 2015. The AGD, along with Myanmar Agribusiness is one of two listed corporations that have announced their intention to go Public in 2015. Thein said the bank is currently looking for a law office to lead it through the lawsuit and is already purchasing stock to help it through thesuit.