Cambodia-based ACLEDA to hire 740 more [Burmese] staff as it begins micro lending in Yangon

Published on Friday, 29 March 2013 

http://www.elevenmyanmar.com

 

The Myanmar microfinance unit of Cambodia largest bank, ACLEDA, has started offering loans in 15 townships of Yangon Region at a monthly interest rate of 2.5 percent, , ACLEDA MFI Myanmar CEO Kim Bunsocheat said.

The company opened its new office in Yangon’s Bahan township on Monday, saying it has eight billion kyats (US$10 million) in initial paid up capital.

It said it had trained 36 Myanmar staff last year and that it planned to hire 740 university graduates.

“Myanmar and Cambodia have the same basic political situation,” Kim Bunsocheat said. “We want to work for the reduction of poverty in Myanmar so we are conducting microfinance business here.”

Kim Bunsocheat said loan sizes would start at 100,000 kyats and that borrowers would need two to five guarantors and official identification to be considered.

ACLEDA is the largest bank in Cambodia by branch numbers. It has 238 branches in the country. It also has 29 branches in Laos and has announced plans to expand into China.

ACLEDA MFI Myanmar has received investment from the International Finance Corporation, the investment arm of the World Bank. The IFC’s investment in the lender was its first in Myanmar.