Chinese bank unveils four business loans in myanmar

The Industrial and Commercial Bank of China (ICBC) introduced four types of bank loans for employers in Mandalay last week.

The bank loans available are working capital loans, project loans, trade finance and syndicated loans, according to the ICBC.

The bank also introduced financial services related to Chinese border trade during a discussion on cross-border financial services on Sept. 27 in Mandalay.

The repayment period is between one to three years, depending on the type of loan. Loans can be requested in either kyats or US dollars, but the interest rate is 13 percent per year for kyats and 6 to 9 percent per year for US dollars.

Depending on the performance of the company, up to 100 million kyats (about US$65,300) can be requested for a syndicated loan.

“The loan amount will be considered based on the financial statements of the loan applicant, regardless of their size,” said ICBC assistant manager U Kyaw Thu Win.

The applicants need not put up collateral if they are guaranteed by domestic banks or Chinese companies if they are working as joint ventures with Chinese companies.

The ICBC, having opened many branches overseas, will be more systematic than domestic banks in its operations, said the president of the Mandalay Region Chamber of Commerce and Industry, U Kyaw Min.

The ICBC opened an office in Myanmar in 2011 and was one of nine foreign banks licensed by the Central Bank of Myanmar in 2015 to open a branch in Yangon.

Source: The Irrawaddy

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