The Construction and Housing
Development Bank Limited (CHDB) will open its first branch within a
month, according to their managing director.
The bank was licensed on July 15 and
aims to provide cheap housing through installment plans for low-income
families, pensioners and government workers.
"We are planning to open a bank branch
in one month. After opening, we are planning to buy shares concerning
banks. We are arranging in detail for opening a bank branch,” said Win
Zaw, Managing Director Win Zaw of CHDB.
The company aims sell up to 10 million
shares at K 10,000 a unit. The CHDB will allow government employees,
staff from private companies and international investors to invest in
shares, according to the Ministry of Construction.
"For the low income public, we assume
that a financial system which allows a 20 to 30 years long term
settlement may be suitable for them. Only then can the low income public
own an apartment. That’s why we are establishing CHDB,” said Minister
for Construction, Kyaw Lwin on July 15.
source: Eleven Myanmar
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