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KB Kookmin Bank to provide home loans to low income households

South Korea’s KB Kookmin Bank will participate in developing a government-funded residential complex for low income households in Yangon, Kim Chang-woo, chief representative of KB Kookmin Bank Yangon Representative Office, told The Myanmar Times.

KB Kookmin Bank and Yangon Region Government signed a Letter of Intent to support the project during South Korean President Moon Jae’s visit to Myanmar last week.

KB Kookmin Bank plans to help by providing financing to residents and supporting employment opportunities.

The bank said it is in the middle of discussions at the Committee for the Development of Social-Based Housing Complex Projects on details of housing financing products to be provided by KB Microfinance, including interest rates, limits and loan duration and other plans to provide optimal service to residents, Kim Chang-woo said.

The bank has run a representative office in Myanmar since 2013, providing support on housing policy and finance with the Ministry of Construction and Construction, Housing and Infrastructure Development Bank. KB Kookmin Bank signed an MOU with the Ministry of Construction and CHID Bank to expand partnership.

KB Kookmin Bank established KB Microfinance in March 2017 and currently operates 13 branches, mainly supporting housing loans, electricity connection loans and micro-business loans for low income earners and small business owners.

So far, KB Microfinance has provided about K20 billion in financing to 48,000 Myanmar people. KB Kookmin Bank is now in the process of applying for a bank license in Myanmar.

The bank first applied for the license in 2014 but was rejected. It plans to expand its presence in Myanmar with a focus on housing, infrastructure and digital finance, Kim Chang Woo said.

Source: Myanmar Times

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