Yoma Bank

Yoma Bank Limited
Private
Industry Banking
Financial services
Founded May 1993 (May 1993)
Founder Serge Pun
Headquarters Yangon, Burma
Key people
 Serge Pun
(Chairman & CEO)
Hal Bosher
(Special Advisor)
Products Retail banking
Corporate banking
Foreign currency accounts
Foreign exchange services
Total assets MMK 506 billion[1]
Number of employees
 > 2300 (2014)[2]
Website yomabank.com

Yoma Bank Limited (Burmese: ရိုးမဘဏ်; Chinese: 祐瑪銀行; pinyin: Yòumǎ Yínháng) is one of Myanmar's (Burma) largest commercial banks.

Foundation and first years

Yoma Bank was founded in May 1993[3] by entrepreneur Serge Pun of the First Myanmar Investment Company (FMI). After receiving a full commercial banking license, Yoma Bank opened its first branch in August 1993.[4] Since 1996,Yoma Bank expanded and has become one of the largest private banks in Myanmar.[5] In 1999 Yoma was Myanmar’s first bank with a computerized accounting system and to use wireless communication to connect to all of its branches via satellite.[6] In 2001 Yoma Bank provided 41 branches in 24 cities.[7]

Banking crisis

After the Myanmar banking crisis in 2003, Yoma Bank’s license was limited,[8] stopping the bank from accepting deposits or issuing loans. Yoma Bank focused on fee-based services such as remittances.[5]

Full operations

Yoma Bank, Yangon

In August 2012, the Central Bank of Myanmar reinstated Yoma Bank with a full banking license.[1] Yoma Bank Chairman Pun stated the goal for the future development of the bank is "to be of international standard [yet a] local bank.”[5] To accomplish this, Yoma Bank began employing foreign managers and returning Burmese from abroad[9] and focusing its service on small and medium-sized enterprises (SMEs).[10] The International Finance Corporation (IFC), member of the World Bank Group, announced in May 2014 the long term plan to promote the Yoma Bank in its SME lending program with a loan of over $30 million.[11]

In August 2014 Yoma Bank employed more than 2,200 employees in 51 branches.[1] After signing the contract with the IFC, the bank received the first $5 million for its SME program in September 2014. Additionally the IFC agreed to assist Yoma Bank with installing a new core banking system and improving the bank's risk management and corporate governance.[12]

In November 2014 Yoma Bank and the telecommunications firm, Telenor Myanmar announced their cooperation to provide mobile banking to Myanmar.[13] The aim of the cooperation is to provide the non banked access to financial services.[14]

For the transformation of their core banking system, Yoma Bank decided in March 2015, to utilize "FusionBanking Essence" software from the British provider Misys.[15]

Because of Yoma Bank’s access to SMEs and international banking standards, the German development agency GIZ selected Yoma Bank in May 2015 as a partner for its program to promote SMEs in Myanmar.[16]

See also

References

  1. 1 2 3 "Myanmar's Financial Sector" (PDF). Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). February 2015. Retrieved 21 September 2015.
  2. ↑ "IFC and Yoma Bank Ink Deal to Expand Financing for Small and Medium Enterprises in Myanmar". International Finance Corporation – World Bank Group. 16 September 2014. Retrieved 29 August 2015.
  3. ↑ "History". Yoma Bank. Retrieved 21 September 2015.
  4. ↑ "Yoma Bank Ltd.". Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
  5. 1 2 3 Jeremy Mullins and Myo Lwin (15 July 2014). "Profiles: A look at two private banks". Myanmar Times. Retrieved 21 September 2015.
  6. ↑ Elliott Holley (17 March 2015). "Yoma Bank Myanmar revamps core banking system". Banking Technology. Retrieved 21 September 2015.
  7. ↑ "Yoma Bank Ltd.". Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
  8. ↑ Turnell, Sean (2009). Fiery dragons: banks, moneylenders and microfinance in Burma. NIAS Press. p. 312. ISBN 978-87-7694-040-9.
  9. ↑ Simon Montlake (28 August 2013). "Golden Return: Serge Pun Constructs A Real-Estate Empire In Myanmar". Forbes. Retrieved 21 September 2015.
  10. ↑ Htin Lin Aung (18 December 2014). "Yoma Bank helps SMEs with loans". Mizzima. Retrieved 21 September 2015.
  11. ↑ Paul Vrieze (20 May 2014). "Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Burma". The Irrawaddy. Retrieved 21 September 2015.
  12. ↑ Jeremy Mullins and Nyan Lynn Aung (22 September 2014). "Yoma receives IFC loan". Myanmar Times. Retrieved 21 September 2015.
  13. ↑ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. Retrieved 21 September 2015.
  14. ↑ Jeremy Mullins and Aye Thida Kyaw (24 November 2014). "'Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. Retrieved 21 September 2015.
  15. ↑ Thiha (1 April 2015). "Yoma Bank Selects Misys for Banking Transformation". Consult-Myanmar. Retrieved 21 September 2015.
  16. ↑ Zayar Nyein (30 May 2015). "GIZ selects SME banks in Myanmar". Dealstreetasia. Retrieved 21 September 2015.
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