Banks cooperate for success

Ficombank, was established in 1993 in Ho Chi Minh City, has maintained a stable standing with a charter capital of VND3 trillion ($142 million) in July 2010.

Meanwhile, established in 1957, BIDV is Vietnam longest established commercial bank and has funded many investment projects of the nation.

The agreement signified two banks’ cooperation in capital and currency trading, banking payment, sponsorship, retail banking, non-life insurance services and information sharing, based on each bank’s need and abilities.

In the area of capital and currency trading, BIDV pledged to support Ficombank credit of VND5 trillion ($238 million) which will be specified for each period. This limit will be reviewed and adjusted in accordance with BIDV’s supporting ability at the time.

In the field of payment and banking services, BIDV will consider applying the incurred interest on Ficombank’s account payment to ensure competitiveness. In turn, Ficombank will treat BIDV as a priority supplier and customer in international monetary transferring and financial support services.

In retail banking, both sides will work together in providing card payment, money transfer, bills and other services.

In non-life insurance, BIDV and Ficombank will seek more opportunities in cooperating non-life insurance with integrated cross selling insurance.

Both banks also pledged to share experiences and coordinate services in business, investment, securities brokerage, leasing, and sharing risk management, exchange and interest rates information in order to participate in the debt purchasing projects in accordance with the law and each banks’ policies.

“After a great consideration, BIDV agreed to sign an agreement with Ficombank. This confirms BIDV’s commitment to promote both banks’ resources, to implement effectively State Bank’s monetary policy, to ensure market stability and to develop financial and banking services," BIDV deputy general director Tran Luc Lang said