“It’s true — we have already reached an agreement with IFC to buy 4.5% of its shares in Yoma Bank,” Tun Tun said. “We are buying out these shares through a transaction with Hong Kong-based Pun Holdings Limited.”
The World Bank Group’s private-sector arm is divesting its holdings in one of Myanmar’s largest banks nearly two years after a military coup, according to the lender’s largest shareholder.
First Myanmar Investment Co. has agreed to buy the International Finance Corp.’s 4.5% stake in Yoma Bank Ltd., according to Tun Tun, FMI’s executive director and chief operating officer. The Washington-based IFC didn’t immediately respond when asked about the sale.
