GIC Buys Stake in Yoma Bank
Posted on 01/29/2020
Singapore’s GIC Private Limited acquired a large stake in Yoma Bank, a Myanmar-based bank founded by Serge Pun in 1993. GIC and Norfund will buy around 30% of Yoma Bank for 130 billion kyat (US$ 87,436,000). GIC is picking up 20%, while Norfund is taking 10%.
Norfund is a private equity entity established by the Norwegian Storting in 1997. Norfund is owned by the Norwegian Ministry of Foreign Affairs.