The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
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.
“It’s true — we have already reached an agreement with IFC to buy 4.5% of its shares in Yoma Bank,†Tun Tun said.
International firms and organisations have been under pressure to curb ties with Myanmar after the US and European nations led multiple rounds of sanctions targeting the coup leaders that toppled the civilian government led by Aung San Suu Kyi in February 2021.