The Burmese junta has granted licenses to establish private banks to four businessmen who are close to the ruling generals, according to sources in Rangoon.

The four businessmen are Tay Za (Htoo Co., Ltd.), Zaw Zaw (Max Myanmar Co., Ltd.), Nay Aung (IGE Co., Ltd.) and Chit Khaing (Eden Group Co., Ltd).

The businessmen and their respective banks are Tay Za, Asia Green; Zaw Zaw, Irrawaddy; Nay Aung, Amara; and Chit Khaing, Myanma Leading.

Six of Burma’s wealthiest businessmen applied for licenses. However, Htun Myint Naing (Asia World Co., Ltd.), and Dr. Sai Sam Htun (Loi Hein Co., Ltd) were not granted licenses. The reason for the denial of their application is not known.

In 2003, the US banned two Burmese private banks, which were allegedly link to illegal narcotics. The banks were the May Flower Bank and Asia Wealth Bank.

Burma has 14 private banks, mostly located in Rangoon. In 1998, Burma had 20 private banks. Burma’s central bank began issuing banking licenses within the private sector in 1992. No licenses were have been granted since 2002.