Innwa Bank Limited (Burmese: အင်းဝဘဏ်လီမိတက်) is a private commercial bank in Burma (Myanmar). Innwa Bank was founded by the Myanmar Economic Corporation (MEC) in 1997, a major conglomerate owned by serving and retired military officers of the Tatmadaw, affiliated with the Myanmar Ministry of Defence.[1][2] The bank serves as a financial vehicle for MEC's subsidiaries and affiliates.[2] Innwa Bank is wholly owned by MEC, which is in turn, owned by the government.[3] Military authorities control the bank's management.[3]
Native name | အင်းဝဘဏ်လီမိတက် |
|---|---|
| Company type | Private |
| Industry | Bank |
| Founded | 28 November 1997 |
| Founder | Myanmar Economic Corporation |
| Headquarters | Kyauktada Township, , Myanmar (Burma) |
| Total assets | Ks.320 billion[1] (US$2.60 million) (2021-22) |
| Website | www |
In November 2022, Distributed Denial of Secrets published leaked documents from Innwa Bank. The leaks showed that major international banks, including ANZ, continued to do business with Myanmar's military after the coup. The leak resulted in increased scrutiny of major banks.[4]
References
edit- ^ a b "The Myanmar Times Bank Survey 2014". Myanmar Times. 15 July 2014. Retrieved 8 February 2015.
- ^ a b Turnell, Sean (2009). Fiery Dragons: Banks, Moneylenders and Microfinance in Burma. NIAS Press. p. 266. ISBN 9788776940409.
- ^ a b Fujita, Kōichi; Fumiharu Mieno; Ikuko Okamoto (2009). The Economic Transition in Myanmar After 1988: Market Economy Versus State Control. NUS Press. p. 136. ISBN 9789971694616.
- ^ "Big banks face scrutiny over business with Myanmar lender". www.aljazeera.com. Retrieved 2023-10-08.