Daiwa advises Myanmar bank

Kyodo

Daiwa Securities Group Inc. will advise Myanmar’s Asia Green Development Bank as it prepares to go public on the country’s stock market, expected to be established in late 2015.

At the signing ceremony of an agreement Monday, Than Yi, chairman of the bank, said he hopes the initial public offering process will be successful and his bank, a unit of the Htoo Group, one of the major conglomerates in Myanmar, will become the first publicly traded company in the country.

The deal was signed in Yangon by the bank and Myanmar Securities Exchange Centre Co., a Myanmar company owned by the Daiwa group and the state-owned Myanmar Economic Bank.

MSEC and Daiwa Securities Co., the Daiwa group’s investment banking unit, will be providing assistance in a variety of areas, including negotiations with financial regulators and coordination with legal and accounting professionals.

Takashi Hibino, president and chief executive officer of the Daiwa group, said the signing represents an important step for development of an equity market in Myanmar.