Public Corporation (MAPCO)
plans to establish a new
public bank called Mandalay
Development Bank this year, its
The new bank will be set up in Mandalay, one of largest commercial cities in the country.
The corporation already demanded granting of land for the project from the Mandalay Region government.
MAPCO will start running the new bank with a capital of Ks20 billion, planning to invite shareholders of the members of the corporation to invest in the new business.
Shares of the new banking business will be sold to public.
Plans are underway to open the branches of the bank if the new project will produce successful outcomes.
The MAPCO was formally formed in August, 2012 as the Public Company, to mobilize public savings and to foster broader investment in agriculture and agro-based industries of Myanmar.