Myanmar Oriental Bank Limited was incorporated as a private limited bank under the Financial Institutions of Myanmar Law and started its operations on 18th November 1993. Its founding members were prominent bankers retired from state-owned banks, family members holding the majority of shares, and their close friends and relatives from the business circle.

Over the past 24 years, the bank has played an important role in the stability and success of domestic banking in Myanmar by contributing its efficient and reliable banking services and promoting financial intermediation in the country. The bank accepts foreign currencies (USD, EUR, SGD) as current accounts and Myanmar Kyat as current, call, savings and fixed deposits within its present banking network of 47 branches across the country. In addition, the bank also provides banking facilities and other financial assistance to its customers in the form of commercial loans, trustee and remittance services.

Upon approval from the Central Bank of Myanmar, the bank was among the first few selected financial institutions that were allowed to deal in foreign currencies and international banking. It was among the first batch of six private banks to be permitted to open currency exchange counters in the country. The bank has now opened 20 currency exchange counters in Yangon, Mandalay, Mawlamyaing, Monywa, Magwe, Pyay and Muse. As a leading member of the Myanmar Payment Union, the bank has introduced ATM and POS debit card and credit card facilities for the promotion of electronic payment systems in the country. The bank has developed an overseas network by establishing corresponding relationships with 62 banks worldwide. The bank has also signed a partnership agreement with Western Union through which customers can transfer funds using its affiliated network in 111 countries from/to the bank.

Apart from its core banking business, MOB established the Oriental Leasing Company Limited (OLCL) as a subsidiary in 1995, extending financial assistance to its customers in acquiring household and other durable consumer items. The bank owns 99% of the company’s share capital.

In foreseeing the future needs, the bank inked a Memorandum of Understanding with IFC on joining their Global Trade Finance Program (GTFP) which has provided MOB with a USD 5 million trade finance facility and allows the bank to establish working partnerships with a vast number of major international banks through the GTFP bank network. Additionally, under the framework agreement, IFC is helping the bank to strengthen its corporate governance and improve its trade finance operations.


Deposit taking in the forms of current, fixed, savings deposit and call deposit

The bank offers an interest rate of 8.00% p.a. on savings deposit, 8.75% p.a. on 30 Days, 9.00% p.a. on 90 Days, 9.25% p.a. on 180 Days, 9.50% p.a. on 270 Days and 9.75% p.a. on 365 Days fixed deposit and 7.00% p.a. on call deposit daily balance. The bank does not allow any interest on current deposits.

University Education Savings Scheme (UESS)

The UESS product was introduced on 2nd May, 2002 to promote savings habits among the people in Myanmar. The goal of the product is to support advance planning for tertiary education for a child currently under the age of 12. A parent or guardian who wants his or her child to benefit from this scheme can open a savings account with the bank and regularly save in multiples of MMK 5,000 per month (Minimum savings of 5,000 kyats up to Maximum savings of 100,000 kyats). By joining the scheme, customers will receive an additional 3% interest contribution on the account’s yearly balance. The customer can pay annual school fees out of his/her account by producing documents certifying his/her admission to a college or university.

Extension of commercial loan to business borrowers

Currently the bank is extending commercial loans for a term of not more than one year. The loans are disbursed mainly for the borrower’s working capital. Interest on loans charged by the bank is based on the Central Bank’s interest rate policy and current rate is set at 9.00% p.a. and 1% service charges on loan.

Trustee, telephone and electricity bill payment services

The trustee service began operating on 1st February 2011, and has experienced significant growth since its introduction. It has become one of the bank’s major sources for generating income, providing considerable funds to OLCL. Bill payment services were launched on 2nd October 2001. The bank is collecting service charges on both electricity and phone bills at the rate of MMK 500 per settlement. All these bills are paid by the bank on behalf of its customers from their designated current account.

Domestic remittance services

MOB uses its network of 47 branches across the country and collaborations with 12 domestic private banks (Co-operative Bank, Ayeyarwady Bank, Myawaddy Bank, Global Treasure Bank, Myanmar Citizen Bank, Rural Development Bank, Innwa Bank, Myanmar Microfinance Bank, Shwe Bank and Small & Medium Industries Development Bank, Myanmar Tourism Bank, Mineral Development Bank) to provide remittance services. MOB also provides Customer Credit Transfer (CCT) service in collaboration with other domestic banks and online tax payment through CBM NET.

International money transfer services

In partnership with Western Union, an internationally renowned money transfer company, MOB is the first financial institution in Myanmar to deliver inbound and outbound money transfer services.

ATM and POS debit card and credit card facilities

As a leading member of the Myanmar Payment Union, MOB has been issuing debit and credit cards to its customers and installing POS terminals at shopping centers, restaurants, hotels, and airlines. The bank is also setting up ATMs at various public places to be more accessible for customers. MOB notably received the Member Service and Trademark License Agreement from Union Payment International (UPI).

International banking services

MOB was one of the few privileged banks granted an Authorized Dealer License for international banking services from the Central Bank of Myanmar on 25th November 2011. MOB installed the SWIFT communication system and set up an international network of correspondent banks for its operations. Supported by international organizations and reputed global financial institutions, the bank has been able to expand its foreign banking services with higher standard of practice for overseas remittances, trade financing and treasury operations.