Singapore’s sovereign wealth firm GIC Pte has bought a substantial stake in Myanmar’s Yoma Bank Ltd. as the country seeks to attract more foreign capital from across the region, Bloomberg reported.
Yoma Bank is one of Myanmar’s largest lenders and was founded by local tycoon Serge Pun in 1993. As part of the latest funding round, GIC and Norway’s Norfund AS will buy about 30% of the business for 130 billion kyat ($88.7 million), Yoma Bank said in response to questions from Bloomberg.
The lender already counts the World Bank’s investment arm International Finance Corp. among its shareholders. Once the transaction is complete, IFC will have an interest of around 4% while GIC and Norfund will own 20% and 10% respectively.