TPBank to raise cash from international investors

December 28, 2022 | 11:12

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Hanoi-based TPBank is in talks with some international investors in an effort to raise funds for its expansion in 2023.

TPBank to raise cash from international investors

According to TPBank CEO Nguyen Hung, the bank is now in negotiations with a number of international partners in order to seek capital for growth over the next year, cited Bloomberg.

The talks are happening against the backdrop of growing interest from foreign financiers in a more profitable and tech-driven TPBank.

"The bank will be able to enhance its pre-tax profit by 15 per cent over the next year as a direct result of the increased use of robotic process automation and machine learning in its systems in order to reallocate human resources," shared Hung.

Hung also disclosed that TPBank has been able to cut its operational expenses by around 30 per cent thanks to the use of cutting-edge technological solutions.

According to Bloomberg, approximately 95 per cent of the bank’s transactions are conducted through digital channels.

The CEO noted that LiveBank is extremely significant to its strategic plan since it lets TPBank swiftly reallocate resources to new business models and enhance revenues. Currently, around 800 employees at TPBank have been moved away from administrative positions into more creative jobs.

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