Foreign investors show interest in First Private Bank

Foreign investors are showing interest in taking stakes in First Private Bank, which is listed on the Yangon Stock Exchange (YSX), said its CEO, U Myint Zaw.

Interest has risen following the enforcement of the Myanmar Companies Law on August 1. The new law states that foreigners will be allowed to own a maximum of 35 percent in a YSX-listed company. At that level, the company will remain a Myanmar citizen-owned company.

“Foreign banks and financial institutions have shown interest in investing in our company,” said U Myint Zaw. “With support from foreign investors, we can improve our capacity building, expand our services and grow our earnings, which will bring more value to shareholders.”

The Yangon Stock Exchange (YSX) will release rules which could allow foreigners to trade on the local bourse before the end of the year, U Yin Zaw Myo, managing director of the YSX, said yesterday.

Currently, the rules under the new law allowing foreigners to trade the shares of YSX companies are being drafted by the Securities and Exchange Commission of Myanmar, securities companies and the five YSX-listed companies.

The rules should be announced before the end of the year, said U Thet Tun Oo, executive senior manager of YSX.

However, being financial institutions, local banks will still need to first submit the amount of foreign investments received and other terms to the Central Bank for approval, U Soe Thein, vice governor of Central Bank, told The Myanmar Times, last June.

First Private Bank, which has 30 branches nationwide, listed on the YSX on January 2017.

SOURCE: MYANMAR TIMES

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