August 19, 2016

IBK to offer K 5 million loan to everybody

South Korea financial institutions are preparing for entering Myanmar Investment market with investment opportunities in Myanmar highly promising, according to the news agencies based in Korea.
IBK Capital, a South Korea’s Industrial bank, submitted application to Myanmar government to be granted a permit for establishing loan business firm. The business will start to work in Insein Township at the north of Yangon and Mandalay after the company gets the permit.
IBK Capital will lend money to those engaged in small and medium enterprises (SMEs) in various sectors as well as offer education loan to the poor families.  It is slated to lend over K 5 million (US$ 4,280) per head.
BNK Capital which has been working in Myanmar since 2014 is also working in Cambodia and Laos. The company is offering loan at a rate of 30 per cent per annum and one per cent for service. It  expects to gain the profit this year.
Shinhan bank based in Korea was another bank granted by Myanmar government last month to open the bank branch in Myanmar.
Woori Bank is working in Myanmar as Woori Finance Bank, and it was established in November,2015,  with initial investment of US$ 2 million.
South Korea financial institutions are willing and ready to extend the businesses in Myanmar. They even liken Myanmar investment opportunities as the pearl of Indo-China.
Shanhan Bank, Woori Bank and financing institutions like BNK Capital and IBK Capital based in South Korea have started to enter the investment market of Myanmar.—ML/ Union Daily


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