NewsLatest News on SecuritiesGrand Opening of ACLEDA MFI Myanmar Co., Ltd.

Grand Opening of ACLEDA MFI Myanmar Co., Ltd.

Headquarters of ACLEDA MFI Myanmar Co., Ltd.

March 25, 2013

ACLEDA MFI Myanmar, a wholly subsidiary of ACLEDA Bank Plc, is given the Certificate of Incorporation No. 96 FC of 2012-2013 by Directorate of Investment and Company Administration of Myanmar on September 06, 2012 and has been granted the License to Carry Out Microfinance Business as Credit and Deposit taking since February 08, 2013 and we start our operation since February 18, 2013.

Today we announce the official grand opening of our company "ACLEDA MFI Myanmar Co., Ltd.", has its location in Building No.186(B), Shwe Gon Taing Road, Yae Tar Shae Block, Bahan Township, Yangon Region, the Republic of the Union of Myanmar. ACLEDA MFI Myanmar has been operated as a deposit taking microfinance institution with the initial paid up capital of 8 billion Kyats or US$10 million.

We have been granted the license to operate in the first step is 15 Townships, In Yangon Region, for doing microfiance business such as North Okkalarpa, South Okkalarpa, South Dagon, Insein, ShwepyiThar, TharKe Ta, HlaingTharYar, Thin GanGyung, Min GalarTaungNyunt, Dagon SeikKan, DawPon, Dala, East Dagon, Min GaLar Don, Than Lyin.

Our Vision: ACLEDA MFI Myanmar's vision is to be Myanmar's leading Financial Institution providing superior financial services to all segments of the community. Our Mission: Our mission is to provide micro and small entrepreneurs with the wherewithal to manage their financial resources efficiently and by doing so to improve the quality of their lives. By achieving these goals, we will ensure sustainable benefits to our shareholders, our staff and the community at large. We will at all times observe the highest principles of ethical behavior, respect for society, the law and the environment.

We had sent two groups of 36 Myanmar staff to get training and completely success course and job training in Cambodia in year 2012. Actually, they still get directly support training from 10 experts of Cambodians during work. We have planned to recruit more 750 management and staff of Myanmar who are fresh graduated from several universities in Myanmar.

Management of ACLEDA and distinguished guests taking photo in the grand opening of ACLEDA MFI Myanmar

With regards to building up capacity, all Myanmar who are successful candidates will get 6 weeks training, 3 weeks in class and 3 weeks in job training that coordinated by ACLEDA Training Center in Phnom Penh, the Kingdom of Cambodia, this year. The next year on, they will get 6 weeks training, 4 weeks in class that will provide by ACLEDA Myanmar staff in Yangon, and 2 weeks in job training in Phnom Penh, the Kingdom of Cambodia by ACLEDA Training Center, which is a professional training center providing a specialized knowledge and skills in microfinance and banking to all microfinance institutions.

In this occasion, Dr. IN Channy, President & Chief Executive Officer of ACLEDA Bank Plc., said that, "ACLEDA Bank, the bank you can trust, under the motto the bank for the people, has experienced in inclusive finance for more than 21 years in Cambodia, and more than 5 years in Lao PDR. It has become the largest bank and the market leader in Cambodia since 2010, and we remain the top bank in Cambodia. In line with our strategies, we have explored for the opportunity to expand to Myanmar since 2012 and had undertaken feasibility study in early the same year, and with promissory, and positive finding, led our board and shareholders approved for the expansion to Myanmar. I on behalf of myself and the shareholder would like to thank to all levels of the Myanmar authorities, the central bank of Myanmar, especially the Ministry of Finance and Revenue who have strong support and continue to support and encourage us to come here in Myanmar, and I thank the National Bank of Cambodia for allowing ACLEDA to expand to Myanmar, as shareholders, especially our subsidiary 'ACLEDA MFI Myanmar Co., Ltd.' that we all can be here in Myanmar tonight inaugurating for the Grand Opening today. Without your share of belief and trust in ACLEDA, we will never have our presence here today."

"As I reiterated earlier on that we have more than 21 year experiences as the provider of inclusive finance and grow together with our customers in Cambodia, we have total assets of more than US$2 billion by the end of February 2013, with 238 branches in Cambodia, and 29 branches and offices in Lao PDR, and from early this year, we have another subsidiary in Myanmar. From the strategic point of view, we will replicate the successful experiences we have combining with the local expertise of our respected Myanmar colleagues to build another successful record for ACLEDA MFI Myanmar Co. Ltd. to realize key aspects: Built in to the sustainable local know how; mutual benefit and grow together with our smart customers, and of course bring in value added resources beyond capital, and we have built to last, and in very sustainable manner with strong commitment and support of ACLEDA shareholders," he added.