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 people’s 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 People’s Bank of the Union of Burma Act of 1967, all the nationalized banks were merged together as a monolithic bank called People’s 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 People’s 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 services to all banks in the country, MEB now operates both domestic and foreign banking services.
MEB mainly conducts commercial banking services in Myanmar through its network consisted of 315 bank branches, 14 State and regional Banking Offices and 7 Head Office Departments.
MEB Head Office was opened in Naypyitaw in February 2006 and Administration Division and respective sections of head office divisions were moved from Yangon to Naypyitaw since May 2006. The grand opening of the new Myanma Economic Bank Building was held on 21 October 2008 and Naypyitaw Bank Branch commenced its banking operations on the same day. All Head Office divisions moved to Naypyitaw accordingly.
MEB’s management, together with the support from its 3 policy development entities – the Board of Directors, the Credit Committee and the Executive Committee– oversees MEB’s daily operations.
