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MAB launches wealth banking service as competition rises

Myanmar Apex Bank (MAB) has launched a special wealth banking and rewards programme – MAB Gold Wealth Banking – for high net worth individuals in Myanmar.

For now, the platform is targeting those who have the cash to place a minimum fixed deposit of K300 million as potential clients.

Interest rates for fixed deposits are 8.5pc for one and two months deposits, 9pc for three-month deposits, 9.5pc for deposits from six to 12 months, 9.75pc for 13-month deposits, 10.15pc for 18-month deposits and 10.25pc for deposits of two to three years, said Mr Gary Voon, executive vice president and head of consumer banking at MAB.

MAB Gold clients will enjoy privileges ranging from free meals at premium restaurants and hotels, admission to Mingalar Sky Airport Lounge and other benefits. In fact, clients will be eligible for a lucky draw to win a high-end condominium with their chances increasing the longer their fixed deposits are committed.

MAB’s efforts to secure fixed deposits come at a time of rising competition and stricter regulations for banks in Myanmar. “The banking business is becoming more and more competitive. Banks are now competing for depositors by giving out more incentives to potential customers,” said a local businessman, who declined to be named.

The move also comes shortly after Myanmar opened up the banking industry to foreign banks in December, allowing them to provide loans in the local currency to local businesses as well as trade financing services.

Although foreign banks are still not allowed to provide retail banking services, which include accepting fixed deposits in the local kyat, Myanmar Times understands that fixed deposits in foreign currencies are acceptable. There has been no decision so far on whether to allow interest on foreign currency accounts, though.

Over the past two years, the Central Bank has also meted out stricter regulations on capital requirements and loans on the local banks.

SOURCE: MYANMAR TIMES

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