VIB secures $70 million loan from international finance institutions
16:59 | 11/03/2020 Print Article
With this unsecured loan for a term of three years to increase working capital, Vietnam International Bank (VIB) will enhance its capabilities of granting medium- and long-term financing for personal and business customers.
|The syndicated loan to VIB professes the three international finance institutions' trust in VIB |
VIB has received a syndicated loan of $70 million from three international finance institutions, including Cathay United Bank (Taiwan), Industrial and Commercial Bank of China (Hong Kong branch), and Bank of Communications.
Receiving this syndicated loan from the three international institutions does not only signify their trust in the prestige and capacity of VIB amid the COVID-19 epidemic, but also presents an opportunity for VIB to manage capital for medium- and long-term loans more flexibly.
The International Finance Corporation (IFC) has formerly increased the trade finance limit for VIB to $144 million within the framework of the Global Trade Finance Program (GTFP). VIB was once again granted the largest limits in this programme.
As a leading bank, VIB always considers advanced and transparent corporate governance and risk management standards as one of the most important foundations for its sustainable development strategy. VIB has been the first bank in Vietnam to complete the implementation of the three pillars of Basel II one year ahead of schedule set by the State Bank of Vietnam. Besides, VIB was also applauded by international organisations such as Moody's and other financial institutions like the IFC and ADB.
VIB reported high and quality retail growth. Lending to individuals and small businesses increased by 46 per cent to VND110 trillion ($4.78 billion) from the beginning of the year, making up 82 per cent of its total gross loans. With 24 per cent market share, VIB has been the No.1 bank in the market for automobile loans for three years in a row.
In 2019, VIB has also been No.1 in bancassurance distribution in Vietnam. Launching many outstanding credit cards, VIB is well-known as the leading bank in credit cards. Furthermore, Asset magazine awarded VIB ‘Digital Bank of the year’ and ‘Best Retail Digital Banking Experience’ for consecutive years.