The Commercial Bank of Ceylon (CBC), which is based in Sri Lanka, recently announced the debut of a subsidiary called CBC Myanmar Microfinance Company Limited. The newly formed microfinance institution (MFI) will offer group and individual loans to low-income borrowers from its office in the city of Nay Pyi Taw. CBC Myanmar received its microlending license in January 2018, and it is pursuing a license to accept deposits. After it develops its microlending and deposit services, CBC Myanmar plans to expand into microinsurance and remittances.
Since 2015, CBC has operated a representative office in the city of Yangon, from which it offers lending, deposit, money-transfer and advisory services.
Founded in 1920, CBC has subsidiaries providing financial, information technology and property development services in Bangladesh, Italy, Myanmar and Sri Lanka. For the year ending 2017, CBC reported return on assets of 1.5 percent and return on equity of 18 percent. As of December 2017, the group’s financial services subsidiaries reported customer deposits of LKR 857 billion (USD 5.6 billion), outstanding loans of LKR 760 billion (USD 4.9 billion) and 3 million customers served via 280 branches.
By Nicholas Galimberti, Research Associate
Sources and Additional Resources
CBC press release
https://www.combank.net/newweb/en/news/8-news-and-events/posts/877-commercial-bank-expands-its-footprint-in-myanmar-with-microfinance-company
CBC background
https://www.combank.net/newweb/en/about-us
CBC annual report
https://www.combank.net/newweb/images/pdffiles/2018/Commercial_Bank_AR-2017.pdf
MicroCapital Brief; October 25, 2015; Commercial Bank of Ceylon, Ceylinco Insurance, Bima Launch Disability, Accident Microinsurance in Sri Lanka
https://www.microcapital.org/microcapital-brief-commercial-bank-of-ceylon-ceylinco-insurance-bima-launch-disability-accident-microinsurance-in-sri-lanka/
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