IFC converts loan into equity to own 5% stake in Myanmar's Yoma Bank

IFC/World Bank HQ. Photo: IFC

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.

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