Singapore’s GIC picks up major stake in Myanmar's Yoma Bank

REUTERS/Anshuman Daga

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.

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.

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