UK-based financial magazine, Euromoney, has named Kanbawza (KBZ) Bank the best bank in Myanmar for 2014.
Euromoney presents awards for excellence in over 20 global product categories, which includes the best bank award in over 100 countries around the world.
KBZ Bank is Myanmar’s largest privately-held bank and has garnered the highest profits and has been the country’s largest taxpayer for the past two years, Euromoney’s editor, Clive Horwood, said.
KBZ is now the largest lender in the country, providing 35 percent of all loans, according to the Central Bank of Myanmar.
The bank has diversified its financial services by continuously setting up new branches, opening mini banks, coordinating with other banks, financing international trade, assisting financial management, handling remittances from oversea Myanmar workers, providing safety deposit services for valuable items and managing for exchange services.
McKinsey’s 2012 report, “Banking in Myanmar – the Final Frontier” also ranked KBZ Bank among Myanmar’s top banks providing best services to clients.
KBZ Bank was selected based on criteria such as multi-layered development, deposit level, loan disbursement and the increasing service proceedings, Euromoney said.