SHAN STATE-The branch of the Global Treasure Bank opened in Kyakme, Northern Shan State, will be temporarily closed.
The bank announced that the branch will be closed on July 1, so depositors will have to come and withdraw the deposited money by the account owner himself by June 30.
The bank also announced that the withdrawal must be made according to the stated rate, but the reason for the closure was not mentioned.
“The owner of the bank account must come in person and have to show the saving book,” said a person who went to withdraw money.
A banking official commented that branch closures are a natural part of banking operations, and there may be branch closures and new branch openings.
Kyaukme District is a region where ethnic revolutionary armed groups are strong and military council rule is weak.
The Global Treasure Bank was founded in 1996. The Ministry of Water Industry and Rural Development first opened as the Livestock and Water Industry Development Bank, and in 2013 it was converted into a public bank. The bank is mainly owned by Maung Maung Thein, the Minister of Water Industry and Livestock, and former military junta generals. Currently, it has opened more than 180 branches.
The bank is close to the military junta and employs mostly former military junta officers. Since the coup d’état, some of the former bank officers have been assassinated and bank robberies have occurred frequently.