Myanma Economic Bank (abbreviated MEB) is a commercial public bank in Myanmar (Burma).
History
Burma Economic Bank was established as a subsidiary of the State Commercial Bank (SCB) on 2 April 1976, under the Bank Act of 1975. The law reversed a 1967 law (The People's Bank of the Union of Burma Act of 1967), by splitting the People's Bank into four separate state-owned banks, namely the Union of Burma Bank (UBB), the Burma Economic Bank (BEB), the Burma Foreign Trade Bank (BFTB) and the Burma Agricultural Bank (BAB).[1] In 1963, all banks were nationalized as a result of the Burmese Way to Socialism.[1] The Burmese government had previously consolidated all of these nationalized banks under the People's Bank of the Union of Burma.[1] At its establishment, The Burma Economic Bank was formed to serve as the primary deposit-taking and general banking institution.[2]
In 1989, the Myanma Investment and Commercial Bank (MICB) was separated from MEB to provide specialized corporate and investment banking services.