Asia Green Development Bank

Asia Green Development Bank (Burmese: အာရှစိမ်းလန်းမှုဖွံ့ဖြိုးရေးဘဏ်; abbreviated AGD Bank) is a public commercial bank in Burma (Myanmar)[1] providing banking services and products. It was one of 4 private banks to commence operations in August 2010 when the government issued four new banking licences and the first new financial institutions in the country since the establishment of Innwa Bank in 1997.[2] Its headquarters are situated in Yangon, Burma.[3] The bank began trading on the Yangon Stock Exchange when it opened in 2016.[4] The bank was founded by Tay Za and is a subsidiary of parent company Htoo Group, whose 15% stake was sold to new shareholders, the most prominent of whom is Kyaw Ne Win, the grandson of Ne Win, the country's former dictator.[5] In 2016 Infosys provided AGD Bank with Finacle front and backend solutions for online banking systems.[6]

Asia Green Development Bank (AGD)
Native name
အာရှစိမ်းလန်းမှုဖွံ့ဖြိုးရေးဘဏ်
IndustryFinancial services
FoundedJuly 2, 2010 (2010-07-02)
Headquarters
Yangon
,
ServicesBanking
Total assets1.2 Trillion kyat (US$794 million)
Websitewww.agdbank.com

Brief InfoEdit

The AGD Bank's Head Office and first branch was successfully opened on August 6, 2010 in Nay Pyi Taw under the organization of Htoo Group of Companies. At first, AGD bank is 100% owned and operated by “Htoo Group of Companies” which is engaged in trading, energy and mining, construction, agriculture, hotel, travel and tourism business. On February 18, 2013 with a new slogan “We, all Myanmar will develop together”, AGD bank was converted to Public Company, shares capital stands at 30.0873 billion kyats of 601746 shares in the fiscal year.

AGD Bank has been 77 branches across the country until June 2019. With establish an International Banking Department, authorized as Dealer and Money Changer Licenses 65 foreign exchange counters services to the general public.

ServicesEdit

AGD has 77 branches and 65 foreign exchange counters throughout Myanmar, operating across Corporate, Retail, and International Banking.[1]

The bank is headed up by Htoo Htet Tay Za, who became managing director in 2015.[7] In 2016 AGD Bank partnered with TrueMoney to offer customers mobile banking.[8]

In 2017, AGD Bank became the first bank in Myanmar to accept EMV based Union Pay card transactions at its ATMs.[9] AGD launched three AGD Visa cards in September 2018, the Visa Classic Card, Visa Gold Card and Visa Platinum Card.[10]

See alsoEdit

ReferencesEdit

  1. ^ a b "Overview of Banks in Myanmar". Corporate Financial Institute. Retrieved 30 July 2019.
  2. ^ Cheesman, Nick; Monique Skidmore; Trevor Wilson (2012). Myanmar's Transition: Openings, Obstacles, and Opportunities. Institute of Southeast Asian Studies. p. 147.
  3. ^ "Asia Green Development Bank's Branches List". Central Bank of Myanmar. Retrieved 1 August 2019.
  4. ^ "Myanmar's new stock exchange begins trading". BBC. 25 March 2016. Retrieved 1 August 2019.
  5. ^ Aung Shin; Aye Thida Kyaw (21 July 2014). "Change in owners as U Tay Za said to exit AGD Bank". Myanmar Times. Retrieved 8 February 2015.
  6. ^ "Infosys provides suite of solutions to Myanmar AGD bank". Consultancy UK. 28 April 2016. Retrieved 1 August 2019.
  7. ^ "Htoo Htet Tay Za: Myanmar's millennial banker". Euro Money. Retrieved 30 July 2019.
  8. ^ "AGD, True Money Partner to Provide Mobile Money Transfer Services". Myanmar Business Today. Retrieved 30 July 2019.
  9. ^ "Local bank becomes first to accept smart payment card transactions". Myanmar Times. Retrieved 30 July 2019.
  10. ^ "AGD launches 3 types of visa credit card". Myanmar Times. Retrieved 30 July 2019.