Co-operative Bank Ltd

CB Bank
Public
Industry Banking
Founded August 21, 1992 (1992-08-21)
Headquarters Yangon, Myanmar
Number of locations
 206 branches (2016)[1]
Key people

Khin Maung Aye (Chairman)

Kyaw Lynn (Executive Vice Chairman & CEO)
Products Financial services
Number of employees
 7000 (2016)
Website www.cbbank.com.mm

Co-operative Bank Ltd. (CB Bank) is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards.[2] The bank, led by U Khin Mg Aye (Chairman)[3] and U Kyaw Lynn (CEO)[4] has over 200 branches across the country.[1]

History

The CB Bank was established on 21 August 1992 with the permission of the Central Bank of Myanmar. It started as a small bank with 33 employees and has around 7000 in 2016. In 2004, it became a public company.[5] The CB Bank's head office is located in the Botahtaung township area of Yangon.

CB Bank heaquarter at Yangon

In May 2013, CB Bank became the first bank in Myanmar to issue a debit card[6] and permitted the first card-related financial transaction in Myanmar.[7] In September 2012, MasterCard signed an agreement with CB Bank to license cards in the country and this enabled local merchants and ATMs to accept the payment cards.[8][9][10][11] In 2013, CB Bank switched to T24[12] from Temenos as its core banking system to enhance bank-wide connectivity with the branches in the country.[13][14] The bank named the ATM service as EASI Banking. The bank has the largest network of ATM and Foreign Exchange Counters in Myanmar.[15][16][17][18]

After signing the contract with the Asian Development Bank (ADB) under the Trade Finance Program, CB Bank received $12 million for its Trade financing program in October 2015.[19] It allowed the bank to issue Letter of Credit agreement, which allowed exporters to ship products before receiving payment under CB Bank’s trade finance lines, guaranteed by ADB.[20]

CB Bank also started offering mobile banking services to the personnel and corporate clients which include basic banking functions, remote access banking services and mobile airtime top-ups are available through the app.[21] It launched Easi Mobile Banking Agent for areas in Myanmar where there is no branch coverage.[22] Mobile agents will receive 30 percent of normal money transfer and 50 percent for other services.[23] CB Bank partnered with Myanmar Post Office in 2017 to further expand its mobile agent services at post offices.[24]

From 2016, CB Bank and other several banks started offering loans for SMEs in collaboration with Japanese Government and state-owned Myanmar Insurance.[25] Additionally, CB Bank was chosen by German KfW bank to provide 4.45 EUR million worth of loans for SMEs in Myanmar based on market study and due diligence offer SME or loans with or without collateral.[26]

In January 2017, CB Bank signed an agreement with Diebold Nixdorf for systems, software and services to expand its cardless cash withdrawal services and P2P offerings to self-service banking in Myanmar.[27] CB bank, already hosting one of the largest ATM networks in Myanmar, has planned to double the number of terminals to expend its self-service network.[28]

In August 2017, Grab, an online cab aggregator partnered with CB Bank to offer banking services available to its drivers.[29] The drivers have benefitted from the program obtaining access to ATM cards and bank accounts. In September 2017, it announced partnership with telecom operator Ooredoo to launch, M-Pitesan, a mobile wallet which will offer nationwide money transfer and bill payments services.[30][31][32]

Major awards

  • 2017 Best Structured Trade Finance in Myanmar by The Asset
  • 2017 Best Digital Bank in Myanmar by Asia Money[33]
  • 2017 Best Digital Bank and Best Mobile Banking Application by the World Finance[34]
  • 2016 Best Digital Bank and Best Mobile Banking Application by the World Finance[35]
  • 2016 The Asset Triple A for ‘Best Trade Finance Bank in Myanmar[36]
  • 2016 Best Bank in Myanmar[37]
  • 2015 Best Bank in Myanmar[38]
  • 2014 Best Corporate Bank in Myanmar
  • 2013 The Industry Leadership Award

References

  1. 1 2 "About CB Bank". www.cbbank.com.mm. Retrieved 3 March 2018.
  2. ↑ "In A Single ATM, The Story Of A Nation's Economy". Npr.org. 28 March 2013. Retrieved 7 March 2018.
  3. ↑ "Company Overview of Kaung Myanmar Aung Group of Companies". Bloomberg. Retrieved 2018-03-09.
  4. ↑ "CB Bank to expand banking services by going digital". The Myanmar Times. Retrieved 2018-03-07.
  5. ↑ Nehru, Vikram. "Banking on Myanmar: A Strategy for Financial Sector Reform". Carnegie Endowment for International Peace. Retrieved 2018-03-07.
  6. ↑ "Myanmar Bank Hopes To Issue First Domestic Credit Card". International Business Times. 2013-07-17. Retrieved 2018-03-07.
  7. ↑ "Myanmar lures Visa, other foreign credit card issuers". Nikkei. 8 February 2017. Retrieved 7 March 2018.
  8. ↑ "CB Bank to be first to issue Visa and MasterCard cards in Myanmar - Cards International". Cards International. 2013-07-16. Retrieved 2018-03-07.
  9. ↑ "CB Bank Issues Myanmar's First Visa, MasterCard Credit Cards for Domestic Use". Myanmar Business Today. Retrieved 2018-03-07.
  10. ↑ Thura, Min. "CB bank to offer Visa, MasterCards". Retrieved 2018-03-07.
  11. ↑ "A Cashless Future for Myanmar, One Step at a Time | Global Hub". newsroom.mastercard.com. Retrieved 2018-03-07.
  12. ↑ "Temenos puts Myanmar on the core banking map". Finextra Research. 2013-06-25. Retrieved 2018-03-07.
  13. ↑ "CB Bank in Myanmar rolls out cardless cash withdrawal and P2P payment services with advanced technology from Diebold Nixdorf". EPR Retail News. Retrieved 2018-03-07.
  14. ↑ "CB Bank pursues self-service banking in Myanmar | Retail News Asia". Retail News Asia. 2017-01-24. Retrieved 2018-03-07.
  15. ↑ "C B Bank - About Us". Cbbankmm.com. Retrieved 2012-01-28.
  16. ↑ "GRG Helps Myanmar Public to Have ATM Again After 8 Year of Waiting". Grgbanking.com. 2011-11-01. Retrieved 2012-01-28.
  17. ↑ 4-traders (2011-11-01). "GRG Banking Equipment Co., Ltd. : GRG Helps Myanmar Public to Have ATM Again After 8 Year ." 4-Traders. Retrieved 2012-01-28.
  18. ↑ "ATMs find favour with users". Mmtimes.com. Retrieved 2012-01-28.
  19. ↑ "Grab to Invest $100 Million in Myanmar as Smartphone Use Surges". Bloomberg.com. 2017-08-25. Retrieved 2018-03-07.
  20. ↑ "CB Bank first to sign for ADB trade finance". The Myanmar Times. Retrieved 2018-03-07.
  21. ↑ "CB Bank launches new trade finance products". The Myanmar Times. Retrieved 2018-03-07.
  22. ↑ Janssen, Peter. "Private banks embark on quest for identity – and new markets". Frontier Myanmar. Retrieved 2018-03-07.
  23. ↑ "CB Bank Licenses Agents to Aid Money Transfer". Myanmar Business Today. Retrieved 2018-03-07.
  24. ↑ "MPT SIM Registration Services Now Available at Post Offices Nationwide - MPT Myanmar | Moving Myanmar Forward". MPT Myanmar | Moving Myanmar Forward. 2016-12-23. Retrieved 2018-03-07.
  25. ↑ "Commercial banks join subsidised SME loan scheme". The Myanmar Times. Retrieved 2018-03-07.
  26. ↑ mizzima (2016-10-25). "Germany to provide 4.45 million EUR grant funds for SME promotion". Mizzima. Retrieved 2018-03-07.
  27. ↑ "CB Bank leads Myanmar's drive for digitalisation". Retrieved 2018-03-07.
  28. ↑ "CB Bank to double the size of its ATM network in 2017". The Irrawaddy. 2017-01-20. Retrieved 2018-03-07.
  29. ↑ "GRAB (A) TAXI IN YANGON - MYANMORE Yangon". www.myanmore.com. Retrieved 2018-03-07.
  30. ↑ "Mobile money services gaining popularity across Myanmar". The Myanmar Times. Retrieved 2018-03-07.
  31. ↑ "Mobile operators join war on cash - The Nation". The Nation. Retrieved 2018-03-07.
  32. ↑ "Ooredoo Myanmar launches mobile money service". Retrieved 2018-03-07.
  33. ↑ "Asiamoney Best Bank Awards 2017: Myanmar". Euromoney. Retrieved 2018-03-07.
  34. ↑ "World Finance Digital Banking Awards 2017 | World Finance". www.worldfinance.com. Retrieved 2018-03-07.
  35. ↑ "World Finance Digital Banking Awards 2016 | World Finance". www.worldfinance.com. Retrieved 2018-03-07.
  36. ↑ "CB Bank: Awards". www.cbbank.com.mm. Retrieved 2018-03-07.
  37. ↑ "Global Finance Names The World's Best Emerging Markets Banks In Asia-Pacific 2016" (PDF). Gfmag.com. Retrieved 2018-03-08.
  38. ↑ "World's Best Banks 2015". Gfmag.com. Retrieved 2018-03-08.
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