According to Myanmar’s Financial Institutions Law 2016, banks incorporated in Myanmar must have paid-up capital of not less than K20 billion and the funds for the capital must be shown to be legal and taxable. AYB was also the only local bank that did not meet the minimum requirements for its paid-up capital. With the guidance from the President’s Office and the Office of the Attorney General, the CBM took the decision to revoke AYB’s banking license.
“There will be no difficulty for depositors withdrawing money from AYB, as it has more than sufficient funds to meet the needs of customers,” said U Bo Bo Nge.
AYB Bank was established on 18 October 1994 and is headquartered in Botahtaung, Yangon. It has branches in Bayintnaung, Lewe, Mandalay, Taungoo, Monywa, Magwe, Pathein, Pyay, and Minbu.