Asia Green Development Bank

Asia Green Development Bank, commonly known as AGD Bank, is a Myanmar commercial bank established in 2010 during a period when the country began issuing new private-bank licences. It was among four private banks authorized to begin operations that year and was described as one of the first new financial institutions established in Myanmar since Innwa Bank in 1997. The bank opened its head office and first branch in Nay Pyi Taw on August 6, 2010, while its headquarters are identified in Yangon. AGD Bank was founded by Tay Za and initially operated as a wholly owned subsidiary of Htoo Group of Companies, a Myanmar conglomerate with interests spanning trading, energy, mining, construction, agriculture, hotels, and travel and tourism. On February 18, 2013, the bank was converted into a public company and began operating with greater organizational independence. At that point, its stated share capital was approximately 30.0873 billion kyats, represented by 601,746 shares. The reference material reports that share capital had increased to approximately 50.59 billion kyats by 2021. Htoo Group later sold a 15% stake to new shareholders, although the identity of all shareholders is not specified in the available material. The bank provides services through corporate, retail, and international-banking divisions. Its offering includes conventional commercial-banking services, payment cards, ATM access, online and mobile banking, foreign-exchange services, and money-changing facilities. The bank expanded its physical network to 77 branches by June 2019 and operated 65 foreign-exchange counters after obtaining dealer and money-changer licences. These services positioned AGD as a domestically focused institution with both branch-based and transaction-banking capabilities. Technology and payment infrastructure have been important parts of AGD Bank’s development. In 2016, Infosys supplied Finacle front-end and back-end solutions for the bank’s online-banking systems. The same year, AGD partnered with TrueMoney to provide mobile-banking services. In 2017, it became the first bank in Myanmar reported to accept EMV-based UnionPay card transactions at its ATMs. In September 2018, it introduced three AGD Visa cards: Visa Classic, Visa Gold, and Visa Platinum. The bank’s public positioning has included the slogan “We, all Myanmar will develop together,” introduced around the time of its 2013 transition to a public company. This language emphasized national development and broad participation rather than a narrowly specialized financial niche. Available sources do not provide sufficient information to assess AGD Bank’s current branch count, ownership structure, financial performance, leadership beyond named executives, or present operating condition. It is therefore best characterized from the available evidence as a Myanmar commercial-bank brand with nationwide ambitions and a service portfolio spanning retail, corporate, international banking, cards, digital banking, and foreign exchange.

Asia Green Development Bank was established in Myanmar in 2010 after the government issued four new private-bank licences. It was one of the first new financial institutions in the country in more than a decade. Founded by Tay Za under Htoo Group of Companies, the bank opened its head office and first branch in Nay Pyi Taw on August 6, 2010. Its headquarters are associated with Yangon. The original ownership structure placed AGD Bank wholly within Htoo Group, whose businesses included trading, energy, mining, construction, agriculture, hotels, and tourism. On February 18, 2013, AGD was converted into a public company and was described as being managed independently. Its stated share capital at that time was approximately 30.0873 billion kyats, represented by 601,746 shares. The available material says that Htoo Group sold a 15% stake to new shareholders and that share capital later reached approximately 50.59 billion kyats in 2021. AGD developed a nationwide commercial-banking network covering corporate, retail and international banking. By June 2019, the bank reportedly had 77 branches across Myanmar. It also established an International Banking Department and obtained dealer and money-changer licences, supporting 65 foreign-exchange counters serving the public. Technology and payment services became notable areas of expansion. In 2016, Infosys supplied Finacle front-end and back-end systems for online banking. AGD also partnered with TrueMoney that year to provide mobile-banking services. In 2017, it introduced EMV-based UnionPay ATM acceptance, described in the available material as a first among Myanmar banks. In September 2018, the bank launched Visa Classic, Visa Gold and Visa Platinum cards. The available references do not establish a complete current ownership record, current executive roster, recent financial results, or the bank’s present branch network. Those aspects require further verification.

1. 2018Visa card range launched

   The bank launched Visa Classic, Visa Gold and Visa Platinum cards.

   Source
2. 2017UnionPay EMV ATM acceptance

   AGD began accepting EMV-based UnionPay card transactions at its ATMs.

   Source
3. 2016Online and mobile banking expansion

   AGD introduced Infosys Finacle systems for online banking and partnered with TrueMoney on mobile banking.

   Source
4. 2015Managing-director appointment

   Htoo Htet Tay Za became managing director.

   Source
5. 2013Conversion into a public company

   The bank became a public company and adopted the development-oriented slogan “We, all Myanmar will develop together.”

   Source
6. 2010Bank established and begins operations

   AGD Bank was founded by Tay Za and opened its head office and first branch in Nay Pyi Taw on August 6, 2010.

   Source

A Myanmar-focused full-service commercial bank combining branch banking with payment cards, digital banking, international-banking and foreign-exchange services.

• Corporate bankingCommercial banking

  AGD Bank serves business and institutional customers through its corporate-banking operations. The available sources identify corporate banking as one of the bank’s principal business areas, but do not provide a detailed catalogue of lending, cash-management or trade-finance products.

• Retail bankingCommercial banking

  The retail-banking business provides consumer-facing banking access through AGD’s branch and electronic channels. Specific deposit, lending and account products are not fully described in the available reference material.

• International banking and foreign exchangeInternational banking

  AGD operates an International Banking Department and provides foreign-exchange services through licensed dealer and money-changer operations. The bank reportedly operated 65 foreign-exchange counters serving the general public.

• AGD Visa cardsPayment cards2018

  In September 2018, AGD introduced three Visa-branded card tiers: Visa Classic, Visa Gold and Visa Platinum. The available sources do not specify the detailed eligibility, limits, fees or benefits for each tier.

• Digital bankingDigital banking2016

  AGD expanded its electronic-banking capabilities through Infosys Finacle online-banking infrastructure and a mobile-banking partnership with TrueMoney. These initiatives supplemented the bank’s branch network with digital access.

• 2018Launch three AGD Visa cardsProduct launch

  AGD was expanding its card and electronic-payment portfolio.

  What changed. In September 2018, the bank launched Visa Classic, Visa Gold and Visa Platinum cards.

  Aftermath. The available material does not report subsequent card volumes or market share.

  Source
• 2016Upgrade online-banking infrastructureStrategy

  AGD sought to expand electronic banking alongside its physical branch network.

  What changed. The bank selected Infosys Finacle front-end and back-end solutions for its online-banking systems.

  Aftermath. The deployment formed part of AGD’s broader expansion into digital and mobile banking.

  Source
• 2016Partner with TrueMoney for mobile bankingProduct launch

  The bank was broadening access beyond conventional branch services.

  What changed. AGD partnered with TrueMoney to offer customers mobile-banking services.

  Aftermath. No usage, customer or financial-impact figures are provided in the available sources.

  Source
• 2013Convert the bank into a public companyStrategy

  AGD Bank had originally been wholly owned and operated by Htoo Group of Companies.

  What changed. On February 18, 2013, AGD was converted into a public company and described as independently managed. The bank also introduced the slogan “We, all Myanmar will develop together.”

  Aftermath. The available material states that Htoo Group later sold a 15% stake to new shareholders, but it does not provide a complete subsequent ownership record.

  Source

• 2018AGD Bank launches three Visa card products

  AGD introduced Visa Classic, Visa Gold and Visa Platinum cards in September 2018.

  Product launch
  Source
• 2017AGD Bank adopts EMV-based UnionPay ATM transactions

  The bank became the first Myanmar bank reported to accept EMV-based UnionPay card transactions at its ATMs.

  Product launchProduct generation
  Source
• 2016AGD Bank expands digital banking and payment capabilities

  AGD adopted Infosys Finacle solutions for online banking and partnered with TrueMoney to offer mobile-banking services.

  Product launch
  Source
• 2015AGD Bank appoints Htoo Htet Tay Za as managing director

  Htoo Htet Tay Za became managing director as the bank continued expanding its commercial and technology-enabled banking activities.

  Leadership change
  Source
• 2013AGD Bank becomes a public company

  The bank was converted into a public company on February 18, 2013, adopted the slogan “We, all Myanmar will develop together,” and began operating independently from its former wholly owned structure within Htoo Group.

  Other
  Source
• 2010Asia Green Development Bank begins operations

  AGD Bank opened its head office and first branch in Nay Pyi Taw on August 6, 2010, following the issuance of new private-bank licences in Myanmar.

  Other
  Source

1. Asia Green Development Bank