Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Sumitomo Mitsui Banking Corporation (SMBC) signed a 200 million USD loan fund. (Photo courtesy of the bank) Ina short time, VPBank and SMBC have reached an agreement to sign a syndicatedloan with the participation of four international banks, CTBC Bank, Hua NanCommercial Bank, State Bank of India and First Commercial Bank, as co-lenders.This entire international financial support package would be used to supplementVPBank's capital in order to strengthen its internal resources, expandbusiness, and continue to lend new loans to customers facing difficulties incash flow disruption due to COVID-19 pandemic.
Withinonly a week, VPBank received two consecutive syndicated loans with theparticipation of SMBC with a total value of 300 million USD. The success ofthis loan is positive proof of VPBank's reputation in the international arena,as well as the trust of its partners (SMBC) in the bank.
Speakingat the signing ceremony, a representative of VPBank said that despite theunfavourable economic context of the COVID-19 which caused consequences for thedomestic financial system, VPBank has still actively supported reducing,rescheduling and reducing interest rates, creating favourable conditions forcustomers to easily access the bank’s financial and non-financial support.
Byreceiving this credit, VPBank will have another important resource tostrengthen its capital base, sustainably grow and continue to provide supportsolutions for both individual customers and businesses for at least the nexttwo years.
TheVPBank's representative also emphasised that this event was a new developmentstep, continuing to open up comprehensive co-operation opportunities betweenVPBank and SMBC in the upcoming time.
JunPalanca, Head of Distribution Asia and Structured CreditDistribution, Investment Banking Department for SMBC said that followingthe success of the 100 million USD grant signed last week within the frameworkof the Sustainable Development programme cooperation between JICA and SMBC,SMBC is proud to continue to become the focal bank to arrange for this 200million USD syndicated loan. After a careful selection process, only four banksare eligible to participate in the loan package with VPBank. Despite thedifficulties caused by the COVID-19 pandemic, the loan's success affirms thelenders' confidence in VPBank's leadership and strong financial capacity. Wewould like to thank VPBank once again for entrusting SMBC with the opportunityto provide this loan package during a challenging time.
Establishedin 1993, VPBank has been one of the commercial banks with a long history in Vietnam.After 28 years of operation, VPBank has grown its network to 233 branches andtransaction offices nationwide with nearly 25,000 employees as of June 30,2021. By the end of the second quarter of 2021, the total operating income ofVPBank reached 23 trillion VND, a before-tax profit of 9 trillion VND,completing more than 80 percent of the whole year’s plan and increasing 37.2percent over the same period last year. It now ranks 4th among banks in Vietnam.
SumitomoMitsui Banking Corporation (SMBC) is the 13th largest bank in the world bytotal assets and has operations in 41 countries worldwide./.
VNA
