Kanbawza Bank was named Best Bank in Myanmar by the UK-based financial markets magazine Euromoney at a ceremony in Hong Kong on July 17, following two awards a week earlier from a regional banking association.
KBZ chairperson Aung Ko Win and director Nan Lai Kham attended the Awards for Excellence 2014 ceremony to receive the award, along with executives from 52 banks in 36 countries.
Since fiscal year 2011-2012, the bank has paid income tax of more than Ks 50 billion. The bank paid income tax of over Ks 6 billion in FY2011-12, nearly Ks 11 billion in FY2012-13 and more than Ks 17 billion in FY2013-14. It has paid Ks 16 billion in advance tax for FY2014-15 and is expected to pay up to Ks 22 billion for the year.
It was named best bank in Myanmar because of its deposit level, tax payments, number of branches, loan disbursements to entrepreneurs and market share.
Deposits at the bank have risen to Ks 4.1 trillion. It has more than 250 branches across the country.
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.
Japan’s Sumitomo Mitsui Banking Corporation, Thailand’s Siam Commercial Bank, Singapore’s DBS Bank, Korea’s Hana Bank and China’s China Development Bank were named best banks in their countries. Switzerland-based UBS was named best global bank.
Source: ELEVEN MYANMAR