Yoma Bank Ties Up with China’s Largest Bank to Boost Cross Border Business
Yoma Bank
Daw Khin Mu Mu Myint (L), chief business officer of Yoma Bank, and Jiang Yun, general manager of the Yangon Branch for the Industrial and Commercial Bank of China, sign an agreement.
Local lender Yoma Bank has signed an agreement with the Industrial and Commercial Bank of China (ICBC) on facilitating direct flow of trade-related funds between Myanmar and China.
The facility will provide the required foreign currency for Yoma Bank’s business clients to increase their trade flows and use direct remittance services with the largest bank in China, ICBC said in a statement.
Yoma Bank’s Chief Business Officer Daw Khin Mu Mu Myint and ICBC General Manager of Yangon Branch Jiang Yun last week signed the deal, which will make trade finance facility available to Yoma Bank to support trade with China.
Daw Khin Mu Mu Myint said, “Yoma Bank is pleased to establish strong relations with ICBC and we look forward to offering a gateway to China for our trade finance clients.
“We are focused on supporting Myanmar’s business community and we believe international trade is an essential tool in promoting their development. We encourage interested clients to contact Yoma Bank to learn how they can benefit from the Yoma Bank – ICBC partnership.”
ICBC is the largest bank in the world by assets and the only Chinese bank to be granted a banking licence in Myanmar.
