Cambodia-based microfinance firm ACLEDA aims to boost its Myanmar operation by setting up more branches and increasing its loan portfolio this year as the demand for financial services in the once-shunned country rises, a top executive has said.
By the end of 2014, ACLEDA MFI Myanmar (AMM) Co Ltd, a wholly-owned subsidiary of ACLEDA Bank Plc, aims to have 18 branches in Myanmar, with $11 million in outstanding loans, In Channy, CEO of ACLEDA, was quoted as saying in Cambodian media reports.
AMM’s outstanding loans last year reached $2.6 million, $800,000 more than the original forecast made when the firm started its operations in Myanmar last March.
AMM started with a paid-up capital of $10 million, and as of end 2013 it has six branches in Myanmar, with offices in Yangon and Bago.
