OCBC, UOB extend US$44m green loan to Myanmar conglomerate

Singapore

THE Yangon branches of OCBC Bank and United Overseas Bank (UOB) have extended a US$44 million green loan to Myanmar's Shwe Taung Group.

Close to US$30 million of the loan came from OCBC, while UOB provided the balance, according to a joint statement by OCBC and Shwe Taung on Wednesday.

The Myanmar conglomerate's subsidiary, City Square Commercial Company, will use the green loan to refinance an earlier loan taken out for its Junction City Shopping Centre, OCBC told The Business Times. The previous loan was also from OCBC an…