United Amara Bank

uab Bank (formerly known as United Amara Bank) is a private commercial bank in Myanmar.

uab bank Limited
FormerlyUnited Amara Bank
TypePrivate
IndustryBank
FoundedAugust 2010
FounderU Ne Aung
Headquartersuab Tower @ Times City,
Yangon
,
Myanmar (Burma)
Key people
Ne Aung (Chairman)
Christopher Loh (MD & CEO)
Total assetsKs.385 billion[1] (US$340 million) (2013-14)
OwnerU Ne Aung
Websitewww.uab.com.mm

History

uab Bank was one of 4 private banks to commence operations in August 2010, the first new financial institutions in the country since the establishment of Innwa Bank in 1997.[2][3] uab Bank has a network of over 79 branches in 53 townships across Myanmar. Christopher Loh is the CEO of the bank.

The bank is majority owned by Ne Aung, the son of Aung Thaung, who has been blacklisted by the United States Treasury on 31 October 2014[4] for his membership in the country's ruling military junta, the State Peace and Development Council and his attempts to undermine Burma's economic and political reforms.[5][6][7]

In 2016, uab Bank and Asian Development Bank signed a trade finance agreement to support businesses in Myanmar.[8] In 2017, United Amara Bank launched Visa-branded credit cards in Myanmar to cater to the demand for electronic payments in the country.[9]

United Amara Bank (UAB) and Global Star Co. Ltd. partnered with Huawei to distribute solar energy products in Myanmar.[10]

Awards and nominations

Global Banking & Finance Awards gave United Amara Bank, Best Banking CEO Myanmar award in 2019.[11]

In 2022, UAB was given Best bank in Myanmar award by The Euromoney Awards for Excellence.[12][13]

References
  1. "The Myanmar Times Bank Survey 2014". Myanmar Times. 15 July 2014. Retrieved 8 February 2015.
  2. Cheesman, Nick; Skidmore, Monique; Wilson, Trevor (2012). Myanmar's Transition: Openings, Obstacles, and Opportunities. Institute of Southeast Asian Studies. p. 147.
  3. Mike (2022-08-18). "UK's Euromoney Urged to Revoke Its Award to Myanmar Crony Bank UAB". The Irrawaddy. Retrieved 2023-04-04.
  4. Aye Thida Kyaw (8 December 2014). "Ghosts of 2003 crisis haunt banks". Myanmar Times. Retrieved 8 February 2015.
  5. "Myanmar: City publisher Euromoney gave 'best bank' award to a lender linked to military regime — Finance Uncovered". financeuncovered.org. Retrieved 2023-04-04.
  6. Aye Thida Kyaw (10 November 2014). "United Amara frets bank run as owner's father blacklisted". Myanmar Times. Retrieved 8 February 2015.
  7. Thiha Ko Ko (5 November 2014). "NOV Blacklisted MP 'not linked to United Amara Bank,' only son". Mizzima. Retrieved 8 February 2015.
  8. Chan, Aye (2016-09-15). "United Amara and Asian Development Bank Sign Trade Finance Agreement". Myanmar Insider. Retrieved 2023-04-04.
  9. bkumar1 (2017-09-15). "United Amara Bank launches Visa-branded credit cards in Myanmar". Electronic Payments International. Retrieved 2023-04-04.
  10. Irrawaddy, The (2023-03-07). "Myanmar Junta Crony's Firm Named Local Distributor for Huawei Solar Energy Products". The Irrawaddy. Retrieved 2023-04-04.
  11. "GLOBAL BANKING & FINANCE AWARDS® – 2019 – Award Winners | Global Banking & Finance Review". Retrieved 2023-04-04.
  12. "Awards for Excellence 2022: Best bank in Myanmar – uab". Euromoney. 2022-07-14. Retrieved 2023-04-04.
  13. "Myanmar's best bank for ESG 2022: uab bank". Asiamoney. 2022-07-17. Retrieved 2023-04-04.
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