Deposits at Kanbawza Bank have risen to US$4 billion, according to bank executives speaking days after the bank won two awards for its services at a ceremony in Singapore.
On July 10, KBZ Bank was named Myanmar’s Best Domestic Retail Bank and selected as the Myanmar bank with the Best Core Banking System Initiative by the Asian Banking and Finance Association.
KBZ was the first bank in Myanmar to switch from an ordinary core banking system to the Oracle Flexcube Centralized Core Banking System, a move cited as the reason for the second award.
KBZ chairperson Aung Ko Win and KBZ director Nan Lai Kham attended the ceremony in Singapore and picked up the two awards.
KBZ Bank announced recently that it had opened its 255th branch, in Yangon, and that it plans to have more than 260 branches, including 90 mini banks, soon. It was named best bank in Myanmar because of its deposit level, high tax payments, corporate social responsibility program, and ability to upgrade its technology.
KBZ was named the highest taxpayer in the country last year and the year before, after paying more than $10 million and more than $7 million in taxes for the two years, respectively.
Source: ELEVEN MYANMAR