The International Finance Corporation (IFC), a member of the World Bank Group, has converted a 2014 loan provided to Yoma Bank, the financial services arm of YSX-listed First Myanmar Investment Co Ltd, into equity to hold a 5 per cent stake in the institution.
The deal makes IFC the first foreign investor in a commercial bank in Myanmar. The conversion from debt to equity was approved by the Central Bank of Myanmar in October last year.
