Singapore's sovereign wealth fund GIC has bought a substantial stake in Myanmar’s Yoma Bank. Yoma Bank is one of Myanmar's largest lenders and was founded by local tycoon Serge Pun in 1993.
GIC and Norway’s Norfund will buy about 30% of the business for130 billion Kyat (S$120.6 million), Yoma Bank responded to Bloomberg. GIC will take 20% and Norway’s Norfund will take 10% respectively.
The lender counts the World Bank’s investment arm, International Finance Corp (IFC) among its shareholders. IFC will get around 4% interests once the transaction is complete.
“Post the introduction of the new investors; we will be the best capitalized local bank in Myanmar. One of the best things we get out of GIC is their experience across the regions. They’re in many different businesses, they see many different business models and have experience in all kinds of things,” said Yoma Bank Chief Executive Officer Dean Cleland.
Source:Bloomberg