Yangon-based financial advisory firm Trust Venture Partners has acquired Myanmar Institute of Business (MIB), an education and training provider for financial services professionals, for an undisclosed sum, according to an announcement.
This is the third acquisition from TVP in the education sector. The deal closely follows TVP’s majority stake investment in ‘Live the Dream’, a career advisory firm, and a minority stake transaction in MMTutors, that connects students and tutors. .
Set up in 2015, MIB offers finance, leadership and entrepreneurship training at its campus in Yangon. Myanmar has recently opened up its financial services sector for overseas investors particularly banks and now insurance.
“The supply of talent however lags as it takes time to set up required institutions, draft curricula, find trainers and then get the students graduate from the programmes,” said Shinsuke Goto, chief executive officer, TVP.
“Every company we talk to is struggling to find suitable executive personnel, especially for finance positions,” said Goto.
Prior to the acquisition, MIB managing director Phyo Han Thein owned majority stake in MIP. TVP’s Associate Director U Si Thu Phyo will also serve as Director of MIB.
Going forward, Thein will be focusing on his other businesses such as Sense Capital, which focuses on businesses like mobile retail, furniture retail, IT and software ventures.
TVP executive director Tin Min Htut will join MIB as managing director.
TVP said it will introduce MIB to local and foreign employers who will help establish new professional programmes catering to the securities and treasury functions.
In a previous interview, TVP had disclosed its plans of making more education investments in Myanmar in 2019. Other investments of TVP in Myanmar include Myanmar Online Creations, a provider of online content, and Kesion Myanmar, an advertising agency. TVP has also made strategic investments like establishing a joint venture with Premium Distribution to grow its hydroponic vegetable business and a joint venture with Frontier MEA to collaborate on research projects.
TVP’s investment arm Yangon Capital Partners made an debut investment in Flexible Pass, a fitness pass platform in Myanmar.