Singapore wealth firm GIC buys 30% stake in Myanmar's Yoma Bank

GIC injected $88.7m in a latest funding round along with Norwegian private equity firm Norfund.

Singapore sovereign wealth firm GIC has acquired a 30% stake in Myanmar’s Yoma Bank for $88.7m, reports Bloomberg.

Norwegian private equity firm Norfund also bought a 30% stake in the bank for the same amount in a latest funding round. World Bank’s investment arm International Finance (IFC) is counts amongst Yoma Bank’s shareholders.

IFC will have an interest of around 4% whilst GIC and Norfund will have 20% once the transaction is complete.

The Myanmar banking sector opened up to foreign investors last year. Earlier this month, Thailand’s Kasikornbank sought approval from the Central Bank of Myanmar, whilst the Philippines’ Ayala Corporation injected $237.5m into Yoma Strategic Holdings in November last year.

Here's more from Bloomberg.