The Zurich-based lender is weighing a plan to cut about 70 jobs at the private bank and 20 at its global banking division, one of the people said, asking not to be identified because the matter is confidential.
Asia Wealth will no longer be able to provide securities brokerage services, underwriting, borrowing, trading and lending of securities, or private fu.
Over the last decade, Myanmar people gradually gained confidence that their hard-earned cash was safe if they deposited it in the bank, rather than literally hiding it under their bed, as many had done in the past.