Business

IFC eyes An Binh Bank investment

The International Finance Corporation (IFC) plans to forge a long term partnership with An Binh Bank (ABB).
The International Finance Corporation (IFC) plans to forge a long term partnership with An Binh Bank (ABB).

IFC, a financial arm of the World Bank, will provide a long term 75 million USDloan to the bank.

The IFC is considering investing up to 50 million USD in the bank bypurchasing senior and convertible debt instruments. The investment isexpected to help the bank maintain a healthy Capital Adequacy Ratio(CAR), while improving its loan portfolio.

A reliablesource from An Binh Bank said that the two sides were in the process ofnegotiating the 50 million USD investment deal.

Thecorporation also plans to provide a 25 million USD loan to the bank tohelp support climate change initiatives and enhance financing foreligible projects in the Energy Efficiency (EE) and Cleaner Production(CP) sectors. These projects are congruent with the IFC's financialstrategy for Vietnam and are in line with the WB's efforts to usemarket mechanisms to mitigate climate change's impacts in Vietnam .

IFC has been working with An Binh Bank on several projects to supportsmall and medium sized enterprises (SMEs) and to finance enterprisesthat are committed to protecting the environment and conserving energy.IFC also promises to help An Binh Bank to improve its technologicalinfrastructure and corporate governance.

By the end oflast month, the bank had total assets worth 36.26 trillion VND (1.85billion USD) and a total outstanding loan worth 17.95 trillion VND(920.51 million USD). The bank earned 546.2 billion VND (28 million USD)in pre-tax profit during the first nine months of the year, a 94.1percent increase against the same period last year.

AnBinh Bank has 3.48 trillion VND (178.46 million USD) in charter capital,and the financial institute plans to increase its charter capital to3.83 trillion VND (196.41 million USD) by the year's end.

Last week the IFC bought 10 percent stake, worth 190 million USD, in Vietinbank./.
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