LienVietPostBank and JPMorgan Chase Bank signed US$50 million loan

Wednesday, Aug 29, 2018 16:51

LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Ha Noi signed a credit contract worth US$50 million for three-year term. — VNS Photo

LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Ha Noi signed a three-year credit contract worth US$50 million.

The loan aims to improve LienVietPostBank’s position in the financial market both inside and outside the country while helping the bank add mid-and-long-term foreign currency. It should improve the bank’s capital mobilisation structure.

Speaking at the signing ceremony, Pham Doan Son, LienVietPostBank’s general director, lauded co-operation of JPMorgan Chase in signing the contract.

“The loan would help LienVietPostBank deeply integrate into international financial market,” Son added.

By June 30, 2018, LienVietPostBank’s total assets reached VND175.8 trillion, up 7.62 per cent from the end of last year. The bank’s outstanding loans rose 13.3 per cent to VND116.8 trillion while capital mobilisation was VND156.7 trillion. Its bad debt ratio fell from 1.07 per cent at the beginning of the year to 0.98 per cent as of June 30.

Currently, LienVietPostBank is the commercial bank with the largest network of more than 360 branches, transaction offices and some 1,000 post offices in Viet Nam, covering 63 cities and provinces nationwide. — VNS

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