KB Kookmin Bank, a major South Korean bank, has signed a memorandum of understanding with Myanmar's Construction Ministry and its state-run Construction and Housing Development Bank, KB Financial Group said Friday.
Under the deal, KB Kookmin Bank plans to provide financial support to Myanmar's plan to expand houses for its working-class people.
KB Microfinance Myanmar Co., the local unit that's owned 100 percent by KB Kookmin Bank, plans to offer loans to Myanmar's people when they renovate or rebuild their homes, said Bae Jong-un, a KB Kookmin Bank official.
The South Korean bank also plans to cooperate with the Construction and Housing Development Bank to upgrade the network system in Myanmar's state-run bank. (Yonhap)