BIDV enters strategic partnership with Cathay United Bank and ANZ

August 11, 2015 | 10:34

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The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has signed a comprehensive cooperative agreement for an international five-year loan contract valued at $105 million, and an agreement on money transfer with Cathay United Bank (CUB), a wholly owned subsidiary of Cathay Financial Holding Company Limited, the largest financial holding company in Taiwan.

The loan agreement, arranged by CUB with the participation of 11 other foreign lenders, has been the biggest syndicated loan with the longest payment term ever earmarked to a Vietnamese commercial bank by foreign lenders.

The comprehensive cooperative agreement between the two banks will cover diverse fields, ranging from CUB’s loan arrangements for BIDV to sharing of experience and market updates.

Apart from that, the agreement will help bridge cooperation between BIDV’s foreign representative offices and CUB, particularly in the Cambodian, Laos and Myanmar markets.

“We believe the cooperation will yield fruits and the BIDV will further evolve. We expect to become a trustworthy companion of BIDV in their growth path,” said Chang Ken Lee, CUB’s managing director.

On the same day, BIDV inked a memorandum of understanding (MoU) on comprehensive cooperation with ANZ Bank (Vietnam).

The two banks pledged to prioritise using advantageous products and services of each other such as lending in the interbank market, foreign exchange, international payment and trade finance, bond issuance consultancy, and introduction of investment opportunities in Vietnam to investors coming from Australia and New Zealand.

Dennis Husey, CEO of ANZ Vietnam said, “The MoU with BIDV marks a corner stone in the two banks’ relations and once again affirms ANZ’s long-term commitment to the Vietnamese market.”

According to BIDV’s chairman Tran Bac Ha, the new cooperative deals will contribute to cultivating the ties between BIDV and the two banks CUB and ANZ, and help ameliorate the quality of finance and banking products and services to benefit the customers.

By By Tan Hong

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