SH Suhyup Bank sets up micro finance institution
SH Suhyup Bank established a micro finance institution (MFI) in Myanmar, which is its first overseas subsidiary. reported the Business Korea. The bank has been planning to accelerate its entry into Southeast Asian markets, such as Cambodia and Indonesia, in the future. It held an opening ceremony for “Suhyup Micro Finance Myanmar” in Nay Pyi Taw on September 16. Suhyup Bank CEO Lee urged officials of the new subsidiary to provide services with sincerity and put trust from local customers first. He also urged them to respect Myanmar's laws and culture in doing business. The bank has been allowed to operate in all eight townships in Nay Pyi Taw. It will focus on micro finance for retail customers in the short term. Although Myanmar has a population of 5.2 million, only 22 percent of the adult population aged 15 years and above have bank accounts and most people who need money use the private loan market with a monthly interest rate of 10 to 15 percent.