Myanmar to launch CHDB branch offices in major cities

NAY PYI TAW—Myanmar will launch 12 Construction and Housing Development (CHD) Bank branches in major cities during the coming fiscal year (2014-2015), officials said on Wednesday (March 26) at the opening ceremony for the CHD Bank’s branch office in the nation’s capital.

The CHD bank will take out long-term personal loans for buying houses, condos and apartments. The bank said that loans are also available for local construction firms and land owners who do not have enough funds to build their own houses.

“Under the supervision of the Ministry of Construction, our bank was founded after combining the shares of government and constructors. Later, we are going to open up participation to everyone,” said CHDB’s vice-chairperson Thein Zaw.

The CHD Bank, directly supervised by the Ministry of Construction, was licensed by the central bank in July last year according to financial rules and regulations in Myanmar.

It was launched with an initial capital of Ks 100 billion, or US$ 103 million. The Central Bank of Myanmar granted permission for banking services to the housing bank in July last year.

The bank’s branch offices will be opened in respective states and regions during the fiscal year 2014-2015. One of those offices will be launched in Mandalay in May.

source: Eleven Myanmar

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