The Small and Medium Industrial Development Bank (SMIDB) to open five new branches during 2015-16 fiscal year

The Small and Medium Industrial Development Bank (SMIDB) will open five new branches during this fiscal year, according to an announcement at the lender’s annual meeting.

The five branches will be opened at Lanmadaw, Kyaukpadaung, Taunggyi, Myingyan and Mingalardon in 2015-16 fiscal year.

U Maung Myint, a minister from the Ministry of Industry and chairman of the bank, said, “We are preparing to open the branches this year. Lanmadaw branch will be opened soon.”

State-run SMIDB opened in 1996 in Myanmar, and it operates 15 branches around the country with 487 staff. Services include savings accounts, checking accounts, money transfers and SME loans.

U Maung Myint said, “Our aim is to develop the SMEs in Myanmar. So, our focus is to provide SME loans as much as possible.”

Three more branches of SMIDB in Bago, Lashio and Magway are expected to be opened in 2016-17 fiscal year, according to a report.

Source:  http://www.mmbiztoday.com/articles/smidb-open-five-more-branches-fy15-16

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