2 Armed Men Attack Military-Owned Bank in Shan State

By The Irrawaddy 27 April 2015

RANGOON — A Burmese military-owned bank in eastern Burma was targeted by armed attackers over the weekend, according to the military’s information department.

Two armed men of unidentified affiliation attacked a branch of Myawaddy Bank in Muse, on the border with China in the northern part of Shan State, at around 3:30 am on Saturday.

No injuries or casualties were reported, though the building’s glass façade and some counters were shattered. The report did not specify any further damages or theft.

The information department cited locals who claimed that armed insurgents recently threatened banks for protection money, speculating that the attack could have been in response for Myawaddy’s refusal to meet their demands.

Myawaddy Bank is operated by the Union of Myanmar Economic Holdings, Ltd., one of two major conglomerates run by the Ministry of Defense.

The military also owns Myanmar Economic Corporation. Both firms are included on the US Treasury Department’s Specially Designated Nationals list.

According to the Central Bank of Myanmar, Myawaddy Bank operates 30 branches nationwide.