The Co-operative Bank (CB Bank), one of the largest banks in the country, has moved quickly to deny rumors that its founder, U Khin Maung Aye is selling his stake to U Eike Htun, the former owner of Asia Wealth Bank and current head of the Shwe Taung Group. The bank called a press conference on Tuesday, May 27 after rumors surfaced that the bank was being sold, leading to many of its clients to making withdrawals due to a perceived lack of stability. U Pe Myint, administrative director of CB Bank, said at the press conference that the bank is functioning well and that clients should have no reason to be concerned. CB Bank is a private bank that has been established by U Khin Maung Aye in 1992 and that currently operates 82 branches nationwide.