One FE CREDIT consulting booth. The company’s recent contract with Credit Suisse promised a development strategy, benefiting domestic clients. — Photo vayvontinchap.com
VPBank Finance Company Limited (FE CREDIT) on Wednesday announced that it has completed a syndicated loan procedure with Switzerland’s Credit Suisse Group.
The US$100 million loan contract will supply FE CREDIT with a much-needed flow of working capital and broaden its ability to meet its clients’ financial demands.
Credit Suisse AG Singapore acted as the intermediary for the signing of the loan contract, as well as the credit agent and legal representative for the loan.
The capital flow from the syndicated loan will give FE CREDIT liquidity based on its commercial loan results, and serve to fulfil its plans to lead the Vietnamese commercial financial market, said Kalidas Ghose, FE CREDIT’s CEO and director of retail banking and consumer finance.
The loan will allow participating entrepreneurs to improve their financial capability and boost business operations, he said, adding that it reinforces the trust in FE CREDIT by global banks, courtesy its returns and business models, and vision for sustainable development of international standards.
“We are honoured to be a partner with FE CREDIT in their journey to success and development, as well as a supporter for Vietnamese entrepreneurs and provider of creative financial solutions for Vietnamese consumers,” said Rehan Anwer, managing director of investment banking and capital market at Credit Suisse Group AG Singapore.
“Viet Nam has been a major market for Credit Suisse in Asia, and we are committed to bringing clients the best service through the investment banking and capital mobilisation system,” Anwer said.
Ghose said Credit Suisse received positive responses from international partner banks for joint capital mobilisation after a period of careful research and consideration.
Founded as the consumer finance division of Vietnam Prosperity Joint Stock Commercial Bank (VPBank), FE CREDIT became an independent company within six years of being established. It was awarded for being Viet Nam’s best commercial finance company by the Global Banking and Finance Review in 2016.
Credit Suisse, one of the largest global financial services firm in Viet Nam, has around US$7 billion invested in contract values with domestic businesses and organisations. It ihas been recognised as the best foreign investment bank in Viet Nam by many international financial magazines. — VNS