Singapore-based sovereign wealth firm GIC has acquired a 20% stake in Myanmar’s Yoma Bank, reported Bloomberg.

Norway’s Norfund will reportedly have a 10% interest in the bank and together with GIC will own about 30% of the bank for $88.7m.

Yoma Bank’s shareholders also includes World Bank unit International Finance (IFC) since it converted a 2014 loan into equity in 2019.

IFC will own a 4% stake in the Malaysian lender.

The bank’s total assets reached $1.91bn at the end of September 2019, a surge of 22% from the previous year.

Yoma Bank CEO Dean Cleland said in an interview with Bloomberg: “Post the introduction of the new investors; we will be the best capitalized local bank in Myanmar.

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“One of the best things we get out of GIC is their experience across the regions. They’re in many different businesses; they see many different business models and have experience in all kinds of things.”

Founded 27 years ago, Yoma Bank is currently one of the largest banks in Myanmar with a staff headcount of more than 3,000 and 80 branches across 43 cities, according to its website.

Last year, Yoma Strategic Holdings and affiliate First Myanmar Investment Public secured $237.5m investment from Filipino firm Ayala.

The bank has business interests ranging from financial services to power generation, property and fast food.

It also has a joint venture called Wave Money with the country’s largest telecom provider Telenor Myanmar.