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World Bank Group’s IFC invests in Vietnam’s TPBank
Date: 8/27/2016 8:30:18 PM
IFC, a member of the World Bank Group, has announced a quasi equity investment in Tien Phong Commercial Joint Stock Bank (TPBank) which aims to expand its loan services to Vietnamese businesses.
This quasi equity investment of up to VND403.1 billion (about US$18.35 million) in dividend preference shares once converted, would allow IFC to become a shareholder in TPBank, owning at that time 4.999 percent of the bank’s equity capital, the institution said in a release on Friday.
According to IFC, through this investment TPBank has the ability to offer loans to more than 40,000 small and medium enterprises in Vietnam representing a loan portfolio growth of more than $2 billion equivalent over the next five years.
IFC is also providing advisory services to further improve the lender’s risk management, digital and Small and Medium Enterprises (SME) banking products, and corporate governance standards.
“IFC’s abundant financing and extensive relationship network will enhance our capital resources and governance capacity as well as uncovering opportunities of cooperation with local and international financial institutions,” said TPBank’s chairman Do Minh Phu.
IFC’s investment supports TPBank’s long-range plan of becoming the country’s leading digital bank, expanding its retail and SME reach, which comprise about 85 percent of TPBank’s portfolio.
Founded in 2008, TPBank has grown into a medium-sized bank with total assets of $3.7 billion as of mid 2016.
TPBank joined IFC’s Global Trade Finance Program in December 2015 with an initial trade line of $10 million.
IFC has recently increased its trade exposure to $30 million, based on active utilization of the lender. To date, IFC has supported $40 million worth of trade transactions processed by TPBank for Vietnamese importers and exporters.
(Source:thanhniennews.com)
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NEWS CATALOGUE
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- What do FDI enterprises recommend to the Vietnamese Government?
- Up to now (2023), how much money have Asian tigers invested in Vietnam?
- Another semiconductor manufacturer expands in Vietnam
- Billions of dollars poured into Vietnamese semiconductor projects
