NUG-founded bank set to sell shares to meet ‘emergency needs’

The Spring Development Bank says it plans to raise US$10 million through the sale of shares valued at 10% of its net worth

The Spring Development Bank (SDB), established by Myanmar’s civilian National Unity Government (NUG) in July, says it will begin selling US$10 million worth of shares on Friday.

At a press conference held on Wednesday, Tin Tun Naing, the NUG’s minister for planning, finance and development, said that the proceeds from the sale of the shares—which represent 10% of the bank’s net worth—would be used to meet “emergency needs.”

“The people should give us their complete trust and invest as much as they can as this is a very important investment for the revolution,” he said, noting that financial needs are greater now than ever as resistance forces and allied ethnic armed groups accelerate their attacks on the military.

According to SDB spokesperson and chief executive officer Calvin T, the shares are set to be sold in batches at a rate of $0.001 per share. Buyers must purchase at least 10,000 shares, or $10 worth of shares, at a time.

The NUG launched the SDB on July 22 in order to circumvent junta controls over Myanmar’s banking sector. Placed under the ownership of a company established overseas, it operates entirely online. The NUG owns a 51% stake in the company, with the rest belonging to the public.

The SDB currently accepts 11 currencies, including the Myanmar kyat, US dollar, Singapore dollar, Japanese yen, and Thai baht. It offers fundamental banking services, including money transfers, payments, foreign currency exchange, gold savings, fixed deposits, and loans.

Additionally, users will have the opportunity to purchase NUG treasury bonds, NUG housing apartments, and other fundraising products through the bank’s platform.

It currently has a total of 44,000 customers.

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