SLCM Group (Sohan Lal Commodity Management) which has presence in Myanmar to provide warehouse management and collateral management services through its wholly owned subsidiary, SLCM Ltd has signed MoU with Global Treasure Bank for collateral financing. The partnership is aligned with company’s strategy to facilitate trade by giving collateral financing options to small and medium sized traders, processors, farmers, importers, exporters among other stakeholders of agricultural commodities.
Sandeep Sabharwal, Group CEO – SLCM and Aung Myint, Managing Director – Global Treasure Bank signed the MoU. The signing commitment states that rate of interest for loan disbursement remains fixed at 13 percent.
SLCM Ltd has tied-up with five leading nationalised banks including Yoma Bank, C B Bank, United Amara Bank, Myanma Apex Bank and now with Global Treasure Bank in Myanmar. SLCM is looking forward to store all agri-commodities, fishery products and imported goods with signing of this MoU.
On the occasion, Sandeep Sabharwal, Group CEO – SLCM, said, “The collaboration intends to offer better lending opportunities to agri and commodity sector as we continue to pioneer the Collateral Financing and Professional Warehousing services in the developing economy of Myanmar. With the motive to provide innovative and affordable range of services, we welcome Global Treasure Bank on-board. With proven scalability in the maiden land of Myanmar, the Group is set to explore other ASEAN and African regions for expansion in this fiscal year.”
Through the initial tie-ups with banks, SLCM Ltd has enabled disbursement of loans amounting to about USD 6.26 mn and has managed 160,600 sqft of area and handled 67 commodities with a network of 9 warehouses in the industrial zones since commencement. The company has assets under management of about USD 20.95 mn through several marquee clients.
While signing the MoU, Aung Myint Managing Director – Global Treasure Bank said, “GTB has much pleasure for SLCM’s desire to provide Collateral Management Services to borrowers’ commodities for the secure and safety management, handled by qualified professional staff and for GTB bank’s credit facilities business development.”
Global Treasure Bank will offer financial solutions to both individual and corporate customers, in accordance to their needs, while maintaining excellence in customer service at all times. Commodities pledged will be stored at SLCM managed warehouses. SLCM Ltd. would undertake sampling, testing, grading, assaying, fumigation, aeration and quality certification of the commodities to ensure the quantity and quality of the pledged commodities.