Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has signed a US$50 million syndicated loan agreement with Taiwanese banks to supplement mid-and-long term foreign resources for local firms.

The loan was led by Taiwanese Cathay United Bank, along with seven lenders, including Hua Nan Commercial Bank, E.Sun Commercial Bank, Chang Hwa Commercial Bank, First Commercial Bank, Taichung Commercial Bank, Sunny Bank and Jih Sun International Bank. The Bank for Foreign Trade of Viet Nam (Vietcombank) provided the guarantee for the loan.

The three-year term loan will assist in increasing LienVietPostBank’s restructuring of its capital mobilisation, while improving its position in financial markets, both inside and outside the country.

“The loan will help LienVietPostBank to deeply integrate into the international financial market,” said Nguyen Anh Van, the bank’s deputy general director.

By the end of last year, the bank’s total assets reached more than VND141 trillion, its capital mobilization was VND116 trillion, while its total debt balance was VND83 trillion.

The bank’s pre-tax profit last year saw a breakthrough to reach VND1.35 trillion, thus increasing its dividend payment from 8 to 10 per cent.

In the first quarter of the year, its pre-tax profit reached some VND470 billion. — VNS