MFTB | Myanma Foreign Trade Bank

MFTB | Myanma Foreign Trade Bank MFTB | Myanma Foreign Trade Bank
MFTB | Myanma Foreign Trade Bank
mftb

Historial Background

Myanma Foreign Trade Bank (MFTB) is a state-owned bank. The Myanma Foreign Trade Bank originated in the Foreign Department of the State Commercial Bank which was established in 1954. In 1963, all the private and foreign commercial banks were nationalized, On 1 February 1970, the State Commercial Banks, the State Agricultural Bank and all nationalized banks were reorganized and amalgamated into single bank, the People’s Bank of the Union of Burma, and later changed its name to the Union of Burma Bank. On the date of amalgamation, the Foreign Department of the State Commercial Bank was formed as Foreign Exchange Division of the new Bank.

In order to develop appropriate banking system in the business environment of State Economic Enterprises (SEEs), a new Bank Law was passed in 1975. The 1975 Bank Law splits the single monolithic Union of Burma Bank into four separate specialized banks, namely the Union of Burma Bank (the Central Bank), the Myanama Economic Bank, the Myanma Agricultural Bank, and the Myanma Foreign Trade Bank. It came into being on 1 April 1976 taking over the businesses of the Foreign Exchange Division of the Union Of Burma Bank. On 4 July 1990, The Financial Institutions of Myanmar Law was enacted and the Myanma Foreign Trade Bank was deemed to have been established and attained separate legal entity under that Law. As such, in accordance to that Law, it is one of the State-owned banks which has continuously undertaken international banking operations.

Aim

The Myanma Foreign Trade Bank is endeavouring to provide a complete range of international banking and financial services to its customers through its worldwide extensive and firmly established correspondent network of over (263) banks in (54) countries. The Bank will strive to improve its services in line with the latest international banking developments to be able to carry out the implementation of achieving a highly developed financial services sector.

Structure

Myanma Foreign Trade Bank is organized with (11) departments and carrying out various bank’s task. The following departments are

  1. Admin Department & Cash Department
  2. Internal Audit Department
  3. Exchange Control Department
  4. Research & Statistics Department
  5. Training & Developing Department
  6. Account Department
  7. Import Department
  8. Export Department
  9. Remittance Department
  10. Loan & Guarantee Department
  11. Central Department & SWIFT Department
MFTB | Myanma Foreign Trade Bank