Asia Green Development BankAsian Green Development Bank
An AGD Facebook page dated 23 January reported that the bank received permission from Myanmar's central bank in December to become a publicly owned bank. "Only asset managment will be different when we become a publicly owned bank. and then we will be selling stock to the public," said U Thet Lwin Shwe, and added that the bank's executive committee will continue to debate the issue and post updates on the company's website.
The Bank needs to take some more action before it can become a joint-stock corporation, the most important of which is the appointment of an external accountant. Out of Myanmar's 19 privately-owned financial institutions, Myanmar Citizen, Co-operative, First Private, Myanmar Fisheries and Livestock Development, Myanmar Industrial Development and Myawaddy Bank are already publicly owned, but AGD is the first of four new entrants to announce IPOs.
Myanmar Central Bank Assistant Governor U Maung Maung Win said at a Myanmar Financial Markets Forums last August that Myanmar needed many government enterprises and businesses, and the bank heartened. "Myanmar has little expertise with government enterprises, but there will be more of them in the near term as the nation develops," another central banker said.
"Government banking is more secure because board members' choices are more accurate. In addition, government banking is investing more and doing more for the economy," he added. Cooperative bank manager U Pe Myint said his business became a state bank in 2004 selling stock to staff and the general population for K10,000 each.
Said the corporation will pay an average of 18% per annum a year. "Privately-owned bankers and other businesses should make changes if they want to go public in 2015 because there are still very few publicly owned businesses in Myanmar," he said. Kanbawza Bank's General Managers, U Zaw Lin Htut, said the firm had no plans to become a joint-stock corporation, although it wanted to be part of the equity markets when it was founded.
"It will take a while..... but right now we're good with our investments and we don't have a equity exchange yet," he said.