Kanbawza (KBZ) Bank and Taiwan-based Cathay United Bank (CUB) have signed an agreement on monetary cooperation to pay out more loans for to help Myanmar businesses expand, according representatives of KBZ Bank.
On January 13, Nang Leng Kham, executive director of Kanbawza Bank Ltd and Mr Aaron Hung, general manager of CUB signed the agreement at the Sedona Hotel in Yangon. The signing event was also attended by Aung Ko Win, chairman of Kanbawza Bank Ltd and Mr Tsu-Pei Chen, chairman of CUB.
According to the agreement, US$80 million will be initially lent to local businesses through the collaboration of two banks.
KBZ Bank seeks to give out more loans to local businesses in cooperation with international banks and monetary and investment organisations.
Among the private Myanmar banks, KBZ Bank has the highest savings volume – about US$4.3 billion (Ks 4.3 trillion).
This arrangement is the first to take place since Myanmar allowed foreign banks to give loans to local businesses in collaboration with local banks.
Source: ELEVEN MYANMAR