YANGON, June 13 (Xinhua) -- Myanmar authorities have granted permission to four giant private entrepreneurs to open four new private banks in the country respectively, bankers circle said on Sunday.
The four giant entrepreneurs are U Tay Za (Htoo trading company group), U Zaw Zaw (Max Myanmar Co. Ltd), U Nay Aung (IGE) and U Chit Khine (Ayedin Co. Ltd).
There are 15 private banks in operation in Myanmar, 13 of which are located in the former capital city of Yangon.
Private banks were once nationalized in Myanmar in 1963 during the previous government but after the country started to adopt the market-oriented economic system in late 1988, private banks were allowed to operate again since 1992.
Myanmar has introduced a banking network system in some six banks in the country to interlink state and private banks to facilitate traders for banking transactions, according to the Bankers Association.
The system, being practiced with Yoma bank, Myanmar Citizens Bank, Tun Foundation Bank, Myanmar Foreign Trade Bank, Myawaddy Bank and Myanmar Industrial Development Bank, is carried out by local information technology companies of MIT and Global Net.
There are also four state banks in addition to the 15 private ones in Myanmar which are all governed by the government's Central Bank.