Banking tycoon Pun who courted Singapore's GIC under scrutiny in Myanmar

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Myanmar News

Serge Pun,Authorities,Banking

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NAYPYIDAW: Serge Pun, one of Myanmar’s richest tycoons who counts GIC Pte and Norfund AS as investors in his banking business, is facing scrutiny from the country’s authorities.

Earlier this month, Myanmar’s central bank announced that action will be taken against seven banks including Yoma Bank Ltd, which Pun also chairs, for granting housing loans that exceeded central bank limits as part of efforts"to stabilize the local economy.” The lenders will be fined and certain central bank officials will be disciplined for their lax supervision.

Yoma Bank is one of Myanmar’s largest private lenders. Greenwood Capital, an affiliate of Singapore sovereign wealth fund GIC, and Norway’s Norfund are listed as shareholders, according to the bank’s website. GIC and Norfund bought about 30 per cent of the business for 130 billion kyat in 2020. Pun’s business interests reflected the potential that one of Asia’s poorest nations held for foreign investors before a 2021 military coup toppled a civilian government led by Aung San Suu Kyi.

 

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