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Yoma Bank names new chief executive

Myanmar’s fourth largest private lender is set to appoint National Australia Bank (NAB) manager Dean Cleland as its new chief executive.

Current CEO Hal Bosher would become an adviser to the bank’s Board of Directors and Mr Cleland would take the helm in September.

Mr Cleland spent 30 years with the Australia and New Zealand Banking Group Limited (ANZ) until 2012, where he left to join the NAB. He is currently the bank’s executive general manager. In 2004 and 2008, the Australian banker headed the Phnom Penh-headquartered commercial bank ANZ Royal, a joint venture between ANZ and the Cambodian Royal Group Co.

Yoma Bank in June became Myanmar’s first commercial lender with a foreign stakeholder following a decision by the International Finance Corporation (IFC) to convert a US$5 million loan into a five percent equity shareholding.

Mr Cleland is expected to drive Yoma Bank’s push to expand its reach across the country through digital and online banking.

“With many years of experience, Dean is well equipped to take Yoma Bank to the next level. We will accelerate the digital transformation of our bank and increase our penetration in the mass market,” Mr Bosher said.

A subsidiary of Yangon-listed First Myanmar Investment (FMI), Yoma Bank is Myanmar’s fourth largest private lender by assets, after KBZ, AYA and CB banks. The nomination of Mr Cleland is subject to approval by the Central Bank of Myanmar.

Source: Myanmar Times

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