Yangon, 5th May 2022 – uab bank is delighted to announce the appointment of U Nay Aye as the Chairman of the Board of Directors.
U Nay Aye joined the Board on 25th November 2021 as Senior Independent Non-Executive Director and after a period of orientation has been appointed Non-Executive Chairman. His appointment has also been approved by the Central Bank of Myanmar.
Outgoing uab bank Chairman, U Ne Aung whilst congratulating U Nay Aye said, “It has been a privilege for me to have served as uab bank’s Chair for the past 12 years. Following the success of reforms in the business model and management made in 2017, I had expressed my intention at the end of 2020 to allow for better independent corporate governance of the Bank with the appointment of an independent non-executive chair. I am delighted on how the Bank has progressed over the years with its innovativeness and have greatly enjoyed my time working with the professionalism displayed by both Board and Senior Management members. It is at this stage when the Bank is well positioned for the appointment of an independent Chairman of the Board. U Nay Aye is well qualified for the role with his extensive experience and I am confident that I am passing this role to a pair of safe hands. “
U Nay Aye said, “I have been deeply impressed over the last few months as Board member to see the work and progress at uab bank and I am delighted to be offered this opportunity to lead as Chairman and as an independent member of the Board. U Ne Aung leaves a legacy of 12 years of decisive leadership having led the Board from the start of the Bank with its impressive development. He has had a relentless focus and drive to ensure the building of a sustainable bank with a positive impact to the wider economy and community. I look forward to working with the Board and the strong Management Team to continue this focus. May I offer on behalf of the new Board, our thanks for U Ne Aung’s outstanding contributions.”
Christopher Loh, CEO of uab bank further added, “ When U Ne Aung first expressed in 2020, his desire to step down, we spent effort to find a suitable replacement who would build on his legacy. Guided by his vision for a well governed bank, we have been able to achieve much over the last 12 years. On the foundations built, we began in 2017 a new phase to rebrand, refresh and accelerate revenue growth of the Bank. U Ne Aung has passionately supported the reforms at the Bank and as an industry leader had been advocating the leading of change and the humanising of banking. Today, we have a progressive bank looking to continue to build on this sustainable model. U Nay Aye’s appointment as Non-Executive Independent Chairman is an enhancement of the Bank’s corporate governance. His broad experience and knowledge will benefit us tremendously and we look forward to his leadership in providing Board oversight to the Bank”.
The Board of Director now compose of five (5) members with strong financial sector and industry experience including three (3) independent directors.
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 over 2019 and 2020, “Best Retail Bank Myanmar” by Retail Banker International for years 2020, 2021 and 2022 and “Best Bank 2021” for Myanmar by Global Finance.
In August 2020, uab bank was named amongst “Best Companies to work in Myanmar- Employees Choice” and was ranked No. 1 in the 2020 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 79 branches in 53 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 and in 2020, set up uab Foundation as the Bank’s corporate social responsibility arm to drive change for a better Myanmar. We believe uab must operate responsibly and be committed to the community we are in.
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