Yangon, 16th July 2020 – uab bank was recognised again as Myanmar’s Best Bank at the prestigious Euromoney Awards for Excellence 2020. The award in 2020 is the second year in a row for uab bank, who was also crowned as Myanmar’s Best Bank in 2019 by Euromoney.
The Euromoney Awards for Excellence is an annual event which selects the best ranking banks in the region. All the awards have one central theme – they recognise institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
With net profit doubled in 2019 year on year to MMK13.6 billion (approx USD 10 million), together with total income up by 35%, deposits up by 10.8% and the bank’s loan book growing by 12.8%, uab bank’s returns on equity and assets swelled to 18.5% and 1.2% respectively for the period ending 30th September 2019. Meanwhile, the bank’s capital adequacy ratio continued to be one of the highest in the industry, rising to 9%, from 7.9% a year earlier.
In February 2020, uab bank celebrated the grand opening of its new Head Office – uab Tower @ Times City which boasts of ultra-modern facilities and an open workspace designed to encourage innovation. Further, demonstrating its commitment to Leading Change, uab bank remains the only bank in Myanmar that has published a full Annual Report which reflects its commitment to transparency and strong corporate governance.
Commenting on the award, Christopher Loh, MD & CEO of uab bank said,
“It is such an honour to be recognised as Myanmar’s Best Bank again by Euromoney in 2020. Despite the challenges and the competition, we continued to build on the solid foundation that has transformed the way we run our bank and business.
In addition to sustaining a strong balance sheet and financials which are the key factors for this Award, we have invested significantly in fintech and launched the iconic first Celebrity App – SaiSai Pay and uabpay+ which forms the building blocks of our digital ecosystem.
We are very proud to win this Myanmar’s Best Bank award for 2 consecutive years and will continue to take uab bank further with greater innovation, transparency and by leading change and humanising banking here in Myanmar.”
About uab bank
uab bank is a leading bank in Myanmar, recognised for its successful transformation and leadership in the Myanmar banking sector amidst the regulatory changes and governance requirements, uab bank was named “Myanmar’s Best Bank” by Euromoney, “Best Bank for Corporate Governance Myanmar” by Global Banking & Finance, “Mid-sized Domestic Retail Bank of the Year” by Asian Banking & Finance, and was ranked No. 1 in Corporate Governance Disclosure by Pwint Thit Sa (TiME) Report published by the Myanmar Centre for Responsible Business.
Established in 2010, we are now serving our customers from a growing network of over 78 branches in 47 townships across Myanmar. uab provides a wide range of financial services including consumer banking, premier banking, SME banking, corporate banking, trade finance and treasury services. Through our subsidiary uab securities, we also provide brokerage services, corporate and financial advisory, investment banking and capital market activities.
At uab bank, we believe in leading the way towards a better Myanmar, humanising banking, connecting people, creating opportunities and changing lives. In December 2017, uab launched “Be The Change Myanmar” initiative that represents our commitment to driving change for a better Myanmar, specifically focusing on empowering women and children. We believe uab must operate responsibly and be committed to the community we are in.
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