Myanmar Citizens Bank Opens First Ayeyarwaddy Branch

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Myanmar Citizens Bank (MCB) opened its 23rd branch in January, in Pathein Township, the bank’s first branch in Ayeyarwaddy division. The Pathein branch is the 5th to open in the 2016- 2017 financial year following new branches in Mandalay, Pyay, Latha and Sittwe.

“By opening new branches, the locals can access safe, secure and fast financial services and it can help contribute to the economic development of the country,” Myint Win, MBC’s managing director, said in a note to investors on the Yangon Stock Exchange website.

MCB was the first bank to list on the Yangon Stock Exchange last August, with 10.4 million shares starting at a base price of K7,800 each. After reaching a high of K12,900 within its first week of trading share prices have fallen and have been hovering around the K9,000 mark since mid- October. At the time of writing it is the only company listed on the exchange whose shares have increased in value since floating. Trading volumes have been extremely thin in recent months, and there have been several days when there were no transactions at all for its shares. MCB was founded in 1991 and is one of four companies listed on the bourse.

 

Source: Myanmar Business Today
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