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Myanmar's Kanbawza Bank to list insurance unit in 2017

Kanbawza BankLtd. plans to list its insurance arm on the Yangon Stock Exchangeas early as end-2017, Reuters reported Oct. 6, citing Nyo Myint, seniormanaging director of KBZ Group Co.

The banking group plans to list 40% of the insurance firm,Myint said. The firm has not finalized the size of the IPO but the listed arm'smarket capitalization maybe around US$500 million to US$750 million, Myint toldIFR.

Meanwhile, the bank is seeking a partnership with a fintechfirm as it aims to boost its customer base through mobile and digital banking,according to Dexter Tan, executive consultant at Kanbawza Bank. The bank islooking to grow its customer base to more than 5 million from 1.4 million inthe next five years.