Myanmar’s leading bank, Kanbawza Group of Companies (KBZ Group) has decided to make its recently launched subsidiary, IKBZ Insurance Company into a public firm within coming three months, according to the managing director of IKBZ Insurance.
Myanmar has just permitted private firms
to offer insurance services for the first time in more than 50 years.
Five private companies including IKBZ Insurance Co Ltd were approved on
May 25. In the past, the state-owned Myanmar Insurance was the only
insurance service provider in Myanmar.
“Since the very beginning, we intended
to form a public company for the business. However, we started as a
private firm due to legal constraints and other difficulties. We aim for
our insurance business to reach the international standards,” said Nyo
Myint, Managing Director of IKBZ Insurance.
Myanmar is planning to launch a first
ever stock exchange in 2015 allowing KBZ Group’s subsidiaries, including
IKBZ Insurance, to be listed locally. Other major subsidiaries of KBZ
Group include Myanmar Airways International, Air KBZ and Kanbawza Bank.
“Turning our subsidiaries into public
companies will contribute to the successful operation of the upcoming
stock exchange, as it will offer viable shares attracting people to
invest their money in the stock market,” Nyo Myint said.
source: Eleven Myanmar
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