– Presently there are a number of rumors circulating with regard to United Amara Bank and we wish to make clarification on this matter.
– The Treasury Department of the United States had recently included U Aung Thaung into their Sanctions List. This inclusion into the Sanctions List has no relationship to other family members of U Aung Thaung or with United Amara Bank.
– In the capital structure of United Amara Bank, U Aung Thaung has no shareholding with the Bank. U Aung Thaung is therefore not related to United Amara Bank in terms of Shareholding nor in the Management of the Bank. Further, in the registration of capital , the Bank has made this clear to the Central Bank of Myanmar.
– U Ne Aung who also is currently a member of the Board of Directors and a substantial shareholder has never been listed in the Sanctions List/
– United Amara Bank has a clear Corporate Governance structure with clear delineation between the functions of Shareholders, Board of Directors and Management. It also works in line with the Central Bank of Myanmar’s rules and regulations.
– In its management team, United Amara Bank is run with combinations of both local and foreign professionals. This includes 4 expatriate members who take part extensively in our various Committees.
– United Amara Bank maintains an impeccable record and has never been in the Sanction List of any country including the US Treasury Department. The Bank strives to follow all international regulations including “Know-your-Customer” (KYC) and Anti-Money Laundering standards. This has enabled United Amara Bank to have a relationship with 71 banks in 23 countries.
– Further clarification can also be obtained also from the Central Bank of Myanmar. (Attn. U Win Thaw , Acting Director-General).
– United Amara Bank has always strived to be a “Safe, Sound and Trustworthy” Bank and we will continue to operate for the benefit of our Customers.