ADB increases trade finance to $75m for TPBank

Thursday, Aug 17, 2017 16:56

Representatives of ADB and TPBank shake hands after signing a trade finance agreement in Ha Noi. — Photo courtesy of TPBank

Tien Phong Commercial Joint-Stock Bank (TPBank) has received US$45 million from the Asian Development Bank (ADB)’s Trade Finance Programme (TFP), bringing the total to $75 million.

The additional trade finance will help to considerably improve TPBank’s credit capacity in the market.

Santosh Pokharel, TFP’s relationship manager, said the additional trade finance was decided after ADB reviewed TPBank’s details.

TPBank General Director Nguyen Hung said ADB increased guarantees for TPBank by 2.5 times in a very short time, showing the foreign bank’s confidence in TPBank. Earlier, ADB provided TPBank with $30 million on May 24.

"The finance would help TPBank increase its presence in the international market, contributing to supporting its business customers to expand their transactions worldwide," Hung added.

In addition to ADB, TPBank has been attractive to other foreign partners.

Earlier, it received $18.3 investment from IFC.

TPBank has total assets of some VND106 trillion (about $4.6 billion), 4,000 employees and an extensive network of 55 branches and transaction offices in Viet Nam. Currently, with more than 1.5 million individual customers and businesses, TPBank has been asserting its position as a strong, sustainable and healthy bank in the country. — VNS

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