Dr. Sein Maung

Dr. Sein Maung - First Private Bank

Dr. Sein Maung

Birth:   4 August 1936
Source of wealth: First Private Bank

Type:   Private
Founded:   1991
Address:  619/621, corner of Merchant Road and Bo Soon Pat Street, Pabedan Township, YANGON
Business: Banking

Dr. Sein Maung set up First Private Bank in 1991. Today it is an experienced company with many banking services and alliances with many foreign banks. First Private Bank was registered in Yangon Stock Exchange list (YSX) on 30 December, 2016.

“Build up Myanmar Development Bank. If the government, the entrepreneurs and the banks deposit into the bank, the bank can offer the comfortable loans.”

Dr. Sein Maung is the founder and the chairman of First Private Bank public company, listed on the Yangon Stock Exchange (YSX). Graduating with a Bachelor of Arts (Honours) at Yangon University in 1958, he moved on to complete his Master of Public Administration (M.P.A) from Maxwell Graduate School, Syracuse University (USA) and Ph.D from New York University (USA) in 1964. Dr Sein Maung taught as an assistant lecturer at Yangon Institute of Economics from 1965 to 1966. He then worked as an additional director at the Ministry of Planning and Finance and as deputy secretary for 74 members of official delegations, from 1966 to 1988. From 1976 to 1977, he worked for the International Monetary Fund (IMF) as an alternate executive director, then as loan officer economist at International Bank for Reconstruction and Development Bank (IBRD) from 1977 until 1980. In 1992, he set up First Myanmar Private Bank where he served as chairman.

During his IMF and IBRD service he gained extensive experience of international seminars and conferences, attending the meetings of the IMF and World Bank, United Nations Special Conferences and United Nation Contract on Trade and Development (UNCTAD), General Commission on Asia and the Far East (ECAFE). Since 2002, he has actively participated in the ASEAN Banking Council and Conference.

Dr. Sein Maung is also a member of the Myanmar Academy of Arts and Science, a permanent member of the Committee on Finance, Investment and Trade under the ASEAN Bankers Association, vice-chairman of Myanmar Banks Association, Chairman of Myanmar Institute of Banking and First Private Bank which publically has 7,000 shareholders.

First Private Bank has contributed annual income taxes from the financial year 1992-1993 to 2013-2014, with total income tax at K13,323.88 million. In FY2014-2015, the income tax was K2,189.35 million to the government. First Private Bank consistently stands at 3rd, 5th or 6th place on the annual list of bank taxpayers – after Kanbawza Bank Limited (in first place) and CB Bank (second) – every year, even though it is not as large as other banks. First Private Bank has recorded steady profits since 1992, with dividends to shareowners from 1992-93 until 31 March 2015. A strong reputation has enabled First Private Bank to sell shares at 200% normal prices. Its authorized capital also raises to 100 times the initial capital amount. Based on its data of 15 August 2016, there were 8,255 shareowners and 2,472,053 shares at First Private Bank.

First Private Bank plans to launch bank branches in townships and villages to provide financial services to low income communities, helping alleviate poverty and generating greater financial inclusion. In FY2016-2017, First Private Bank opened seven branches in Pathein and Ma-ubin townships of Ayeyarwady Region, Myaing Township of Magway Region, Shwebo Township of Sagaing Region, Myawady Township of Kayin State, Tedim Township of Chin State and Myintkyina Township of Kachin State. In June 2014, the Central Bank of Myanmar granted First Private Bank license for mobile banking services and with the cooperation of Frontier Technology Partners, the Bank has operated myKyat Mobile Banking using SAP software. From 15 December 2015, First Private Bank has offered mobile loans to support the rural low income population.