Vietinbank inked $200 million syndicated loan agreement

March 12, 2016 | 15:34

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Vietnam's second-biggest lender in terms of assets, Vietinbank, signed a $200 million syndicated loan agreement with 18 foreign banks in Taipei yesterday. The deal was arranged by BNP Paribas SA and Taipei Fubon Commercial Bank Co Ltd.

According to Vietinbank, the syndicated loan is made available by a group of lenders, including Commerzbank AG, State Bank of India, Taiwan Cooperative Bank, BDO Unibank, Chang Hwa Commercial Bank Ltd., Taiwan Business Bank, Far Eastern International Bank, and Export-Import Bank of China, as well as a few others.

The foreign currency loan will provide the Hanoi-based bank credit to support its clients’ manufacturing and other business activities.

“VietinBank has produced a stout growth in total asset value, loans, and capital volume, as well as profit with a low bad-debt ratio,” Taipei Fubon’s executive vice president Stephen Chan said in a statement published on VietinBank’s website. “This contract will provide significant financial support to VietinBank.”

As of December 31, 2015, Vietinbank’s total assets added up to VND779 trillion ($35.7 billion), showing an increase of 17.8 per cent compared to the previous year. The bank also attained VND702 trillion ($32.2 billion) worth of deposits during the year, up 18 per cent on-year. Its total outstanding credit reached VND674 trillion ($30.91 billion), 24.2 per cent higher than at the end of 2014.

The bank reported a pre-tax profit of VND7.36 trillion ($337.15 million) for the financial year 2015.

By By Trang Nguyen

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