KB Kookmin Bank launches microfinance to improve housing environment in Myanmar
KB Kookmin Bank announced on March 8 that the bank has obtained final approval for the establishment of KB Micro Finance Myanmar (KB Myanmar) from the local financial authorities and will start operating the first branch in Yangon, Myanmar from March 15.
KB Myanmar is the first microfinance company to collaborate with the Myanmar government and NGOs to provide funds for housing improvement and new construction to the low income class with poor residential environments in Myanmar.
Previously, Yoon Jong-kyu, chairman of KB Kookmin Bank, signed a memorandum of understanding with the Myanmar Ministry of Construction and Housing Development and the Construction and Housing Development Bank in February this year. during his visit to the south-east of the country. During the signing ceremony, Yoon said that KB Kookmin Bank will actively cooperate in expanding the supply of housing for people, a major task of Myanmar’s Ministry of Construction and Housing Development.
KB Kookmin Bank will expand its sales network to the administrative capital Naypyidaw and the second largest economic center in Mandalay, starting with the first branch in Yangon, and establish itself as a leading foreign institution in the microfinance market in Myanmar through the establishment of a nationwide sales network. network in the future.
“The low-income group makes up about 90 percent of Myanmar’s population. There is a high demand for small loans for low-income people,” said a KB Kookmin Bank official. “KB Myanmar is expected to grow rapidly thanks to Kookmin Bank’s expertise in housing finance and finance. “