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Myanmar Institute of Business acquired by financial adviser

Yangon financial adviser Trust Venture Partners (TVP) has acquired the Myanmar Institute of Business (MIB), an education and training provider for professionals in financial services, for an undisclosed amount.

Demand for financial talent has spiked over the past four years, since foreign banks were permitted to open offices in Myanmar in 2015 and the bond market was first launched in 2016.

That demand is expected to continue rising, now that foreign banks and insurance providers are allowed to operate in the country.

Yet, there remains a lack of financial talent in Myanmar, given that it takes time to set up required institutions, draft curricula, find trainers and then have students graduate from the programmes, TVP CEO Shinsuke Goto said in a statement last Friday. “Every company we talk to is struggling to find suitable executive personnel, especially for finance positions,” he said.

While top management is often recruited from abroad, expat compensation is generally too high for middle management positions. As such, finding the right candidates remains one of the biggest operative obstacles for many foreign companies.

TVP’s acquisition of MIB will not only give it access to the best financial talent as they become available, it will also enable the firm to nurture and build talent that can be deployed across the economy.

Set up in May 2015, MIB targets professionals in financial services and related industries. Its Finance, Leadership and Entrepreneurship training, Master in Finance and Corporate Finance Diploma programmes are the highest ranked in Myanmar. MIB also trains the largest number of chartered financial accountants in the country.

TVP will also introduce MIB to local and foreign employers, who will help establish new professional programmes, such as Securities or Treasury. This will allow professionals to develop their skills to match international standards.

MIB plans to deepen its core offerings to both technical professional training and leadership with the aim of producing future talent for middle to upper management. MIB says it also plans to drive its business through cooperating with educational institutions from abroad and increasing its scope of programmes into additional fields.

SOURCE: MYANMAR TIMES

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