On February 22nd KBZ Bank became one of the first 25 local companies, to join with the MCRB and other multinationals and Myanmar businesses to work to navigate the business and human rights challenges the country faces.
This includes adapting our operations to ensure the safety of our employees and the provision of essential services to the Myanmar people while respecting the right to freedom of expression.
This also confirms that the bank does not serve any person or entity listed under US (OFAC), EU, and UK sanctions.
Read the full MCRB statement here:
Statement by Concerned Businesses Operating in Myanmar
Our companies, as investors in Myanmar, have watched with growing and deep concern the developments in Myanmar since the declaration of a state of emergency on 1st February.
Through our investments, operations, local partnerships and products, we support over a hundred thousand local jobs. The safety, security and wellbeing of our employees and those employed by our suppliers remains our primary concern. In recent days, we have sought to adapt our operations to ensure the safety of our employees and the provision of essential services to the Myanmar people – whether food and drink, electricity, telecommunications, financial services, logistics, healthcare or manufacturing – while respecting the individual rights to freedom of expression of our employees and the people of Myanmar.
As investors, we inhabit a ‘shared space’ with the people of Myanmar, including civil society organisations, in which we all benefit from respect for human rights, democracy and fundamental freedoms – including freedom of expression and association – and the rule of law. The rule of law, respect for human rights, and the unrestricted flow of information all contribute to a stable business environment.
We have always sought to operate in Myanmar transparently, and in line with core ILO Conventions and the UN Guiding Principles on Business and Human Rights. This includes undertaking ongoing human rights and wider business integrity due diligence, and complying with applicable sanctions, as well as the US Foreign Corrupt Practices Act (FCPA), the UK Anti-Bribery Act and Myanmar anti-bribery laws.
We will also continue to work hand in hand with local business partners which share the same approach. We believe our business presence, practices, and advocacy for a level playing field for all businesses, and our commitment to international human rights standards contribute in a significant way to the journey of openness and democracy in Myanmar.
We remain committed to our employees and to the people of Myanmar. We hope to see a swift resolution of the current situation based on dialogue and reconciliation in accordance with the will and interests of the people of Myanmar.
As Myanmar companies, we are aligned with the concerns expressed in this statement. We too have sought to adapt our operations to ensure the safety of our employees and the provision of essential services to the Myanmar people while respecting the right to freedom of expression. We are also committed to operating responsibly, with integrity, and in line with international business and human rights standards.
About KBZ Bank
KBZ Bank is Myanmar’s largest privately-owned bank, with over 500 branches. Headquartered in Yangon, Myanmar, KBZ Bank’s vision is to improve the quality of life in Myanmar through banking.
The bank is leading the way, particularly in digital and technology, for Myanmar’s rapidly developing financial services industry through an approach that understands the opportunities of innovation, the needs of the Myanmar people and the unique context of the country’s economy.
KBZ Bank is an independent entity and does not operate under a holding company structure. The bank does not invest or own any subsidiary businesses. While there are other entities in Myanmar bearing the KBZ brand, KBZ Bank is not owned by any other holding company, including the KBZ Group. KBZ Bank does not serve anyone on the list of US (OFAC), EU and UK sanctions.
KBZ Bank a signatory to the Statement by Concerned Businesses Operating in Myanmar by the Myanmar Centre for Responsible Business. The bank ranked among the top ten companies and top three banks in MCRB’s 2020 Pwint Thit Sa / Transparency in Myanmar Enterprises (TiME) assessment, out of 260 companies in Myanmar.
About the Myanmar Centre for Responsible Business
The Myanmar Centre for Responsible Business is an initiative to encourage responsible business activities throughout Myanmar. With a team based in Yangon, headed by Vicky Bowman, it aims to provide a trusted, impartial forum for dialogue, seminars, and briefings to relevant parties as well as access to international expertise and tools.
MCRB’s Theory of Change is intended to lead to Impacts relating to the Protect, Respect, Remedy framework of the UN Guiding Principles on Business and Human Rights, which were unanimously endorsed in June 2011 by the UN Human Rights Council.