MYANMAR – First Private Bank (FPB), the oldest bank in Myanmar, officially becomes the fourth company listed on the Yangon Stock exchange on 20 January.
FPB, also the second listed bank on the local bourse, now joins First Myanmar Investment, Myanmar Thilawa SEZ Holdings Public Ltd,a nd Myanmar Citizens Bank (MCB) Limited.
First Myanmar Investment listed on 25 March 2016 while Myanmar Thilawa was listed on 20 May 2016. MCB was listed on 26 August 2016.
A GIZ report released late last year showed that FPB and MCB each account for around 1% of total domestic banking sector assets. There are 15 private banks that represent 3% or less of total sector assets, the report added.
FPB, established in 1991, has 32 branches around Myanmar and 7,728 shareholders. It offers domestic financial services, loan services, international transaction, digital banking, and mobile payment.
The latest listing of FPB brought the total market capitalization of the Yangon Stock Exchange to USD505 million. Last year, trading value at the YSX hit USD54 million.
The figure represents the total market capitalization as of 19 January and the value of FPB, which was calculated based on the base price announced on 19 January.
The neighboring Lao Stock Exchange now has market capitalization of USD1.34 billion with just five listed companies. Cambodia, which also has four listed companies, registered market capitalization of USD176 million.
Myanmar Securities Exchange Centre Co Ltd, a joint venture company between Daiwa Securities Group Inc. and Myanmar Economic Bank, has been supporting FPB in relation to the stock exchange listing as the sole financial advisor. – BusinessNewsAsia.com