Myanmar Citizens Bank (MCB) and International Finance Corporation (IFC) signed an agreement for upgrading banking services

The International Finance Corporation (IFC) signed an agreement to act as a consultant for Myanmar Citizens Bank (MCB) at the Yangon Stock Exchange on August 14.

The move doesn't come as a surprise. The ongoing reforms to the country’s financial sector, being directed by the Central Bank of Myanmar, is putting increased pressure on local banks to quickly improve their services or risk losing customers to foreign banks.

The IFC’s experience with finance and international banking will help MCB improve its banking systems and practices in order to provide better banking services to customers. The IFC will provide consultation services to MCB during their reforms which will help the bank to realize its goals.

U Toe Aung Mying, President of the MCB, said at the signing ceremony: “We will have experts employ the latest banking systems, and we will make these updates and changes over the course of one year. We will also look at our banking services to see what improvements we can make. For example, what new products should we provide, where should we open branches, and which types of loans — such as hire purchase loans — should we expand.”

The agreement is a two-year term and will enable MCB to provide revised banking services to its customers from an expanded network of branches, with new digital services, and an upgraded management structure.

Myanmar Citizens Bank was established in 1992, and was the first listed company at the Yangon Stock Exchange in August 2016. The bank has opened 42 branches across the country.

The International Finance Corporation (IFC) is a member of the World Bank Group, and offers investment, advisory, and asset-management services to encourage private-sector development in developing countries. Moreover, it is working with 2,000 international business, and has provided $23 billion toward the goal of ending poverty in developing countries in 2018.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/mcb-and-ifc-sign-agreement-upgrading-banking-services )

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