06 April 2022, Yangon: After five years at KBZ Bank, Mike DeNoma has decided to retire on his 66th birthday in April 2022.
Mike DeNoma has been instrumental in the transformation of KBZ Bank, focusing on digital innovation and financial inclusion, local talent development and achieving international standards of governance.
Following Mike DeNoma’s retirement, U Zaw Lin Aung will become CEO of KBZ Bank. As the first leader of KBZPay and a Senior Managing Director of the bank, U Zaw Lin Aung has been a driving force behind the evolution of the Bank and its digital transformation.
U Zaw Lin Aung will be guided and supported by the Shareholders, the Board of Directors, Chairman U Mya Than, and a strong, localized leadership team. Mike DeNoma will continue to provide support to his successor and team throughout the following months to ensure a seamless transition.
As part of the leadership succession plan, KBZ Bank Deputy CEOs will move into new roles. U Aung Kyaw Myo will become a Vice Chairman of the Board. Daw Nang Kham Noung will join the Board and continue to oversee the strategic direction of the Bank.
Commenting on the succession, departing CEO Mike DeNoma said: “It’s been an honor to work with such talented and driven young people over the past five years. Back in 2017, I came in with a mission to help transform the Bank and develop a pipeline of local talent who would grow into our future leaders. With over 200 promotions into management leadership tracks in the recent year, I believe the time is now right to hand over the reins. I have worked closely with U Zaw Lin Aung throughout my tenure and believe his future-focused approach and commitment to serving clients makes him the right person to steer KBZ Bank through its exciting next chapter.”
“Our transformation has allowed us to build services that benefit all of our customers. By upskilling our employees, we have brought banking beyond branch doors to reach more people than ever before. We have just crossed MMK 1 trillion in new cash account deposits. Our free, mobile wallet, KBZPay facilitated over 58 million transactions for its customers in March, totaling over MMK 4.3 trillion in payment value. We still have a long way to go, but with nearly one in three adults having downloaded KBZPay, the Bank is well on its way to achieving its mission of 100% financial inclusion in Myanmar by 2028” Mike DeNoma continued.
Incoming CEO U Zaw Lin Aung said: “Having worked at KBZ Bank for over seven years, I have been part of our transformational journey and witnessed the progress that has been made across the business. Our innovative mindset, world-leading digital services through KBZPay, and dedication to service improvement have allowed us to bring banking to millions in Myanmar. I’m excited to be taking up the mantle of CEO as we set our sights on the future and work towards becoming the bank that the country deserves and needs.”