NGOs call for international banks to cancel or suspend investments in Myanmar

NGOs call for international banks to cancel or suspend investments in Myanmar
UBS bank branch in Zurich, Switzerland. Photo: EPA

Non-Governmental Organizations Justice for Myanmar and BankTrack called on more than 30 international banks Thursday to cancel or suspend investments in companies with connections to Myanmar’s military junta, EFE reported.

In a report, they said financial institutions, mainly large groups such as Mitsubishi UFJ, Sumitomo Mitsui, JPMorgan Chase, UBS and Credit Suisse, add more than $ 35 billion in investments in companies with ties or under the direct control of Myanmar’s army.

The report points to two types of companies: those with economic interests in companies directly linked to the military and those linked to Myanmar state companies under junta control.