Myanmar sees first ever repo transaction
26 July 2017 Myanmar
Image: Shutterstock
The repo was entered by the two banks to test transaction settlement flows through CBM-NET, the Central Bank of Myanmar's new clearing and settlement system.
In a joint statement, the two banks claimed that this transaction and others that follow 鈥渨ill provide Myanmar鈥檚 financial sector with a real-time gross settlement system鈥�.
U Win Lwin, managing director of KBZ Bank stated: 鈥楾his is a remarkable milestone for Myanmar banking sector and financial market development. We are grateful that we initiated repo trades for the development of bilateral interbank lending transactions as an alternative investment structure in the Myanmar financial market with great support from the CBM and our local partner, Yoma Bank.鈥�
YOMA Bank's CFO, Vijay Maheshwari stated: 鈥淚t鈥檚 a significant development in the Myanmar financial system and we at Yoma Bank are very pleased to be part of the first trade鈥�.
YOMA Bank is Myanmar鈥檚 fourth-largest bank in terms of assets under management with 3000 employees and 65 branches nationwide. KBZ Bank has 475 branches across the country with 18,000 staff. It has representative offices in Singapore, Thailand and Malaysia.
In a joint statement, the two banks claimed that this transaction and others that follow 鈥渨ill provide Myanmar鈥檚 financial sector with a real-time gross settlement system鈥�.
U Win Lwin, managing director of KBZ Bank stated: 鈥楾his is a remarkable milestone for Myanmar banking sector and financial market development. We are grateful that we initiated repo trades for the development of bilateral interbank lending transactions as an alternative investment structure in the Myanmar financial market with great support from the CBM and our local partner, Yoma Bank.鈥�
YOMA Bank's CFO, Vijay Maheshwari stated: 鈥淚t鈥檚 a significant development in the Myanmar financial system and we at Yoma Bank are very pleased to be part of the first trade鈥�.
YOMA Bank is Myanmar鈥檚 fourth-largest bank in terms of assets under management with 3000 employees and 65 branches nationwide. KBZ Bank has 475 branches across the country with 18,000 staff. It has representative offices in Singapore, Thailand and Malaysia.
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