MBBank, Shinsei Bank sign co-operation agreement

Tuesday, Nov 22, 2016 17:37

MBBank and Japanese Shinsei Bank signed joint venture and equity-transfer agreements. — Photo courtesy of MB Bank

Vietnamese MB Bank and Japanese Shinsei Bank on November 21 signed joint-venture and equity-transfer agreements to transfer its capital at MCredit Company to the Japanese partner.

MB Bank has maintained 100 per cent of its capital at MCredit after the successful execution of the restructuring of Da River Finance Joint Stock Company.

Under the agreement, MB Bank will transfer 49 per cent of its capital at MCredit to Shinsei Bank. The two parties expect to complete the joint venture in consumer finance in 2017 by establishing the MB Shinsei Consumer Finance Company Limited.

Speaking at the signing ceremony, Yukio Nakamura, vice chairman of Shinsei Bank, said the company believed that co-operation between Shinsei Bank, which has experience in the consumer finance sector, and MB Bank, a prestigious player with risk management experience in Viet Nam, would produce new opportunities and value as well as improve MCredit’s competitiveness in the market.

“We highly appreciate the development potential of the consumer finance market in Viet Nam. The project is of major importance to Shinsei Bank in the foreign markets,” he added.

Le Huu Duc, MB Bank’s chairman of the management board, said the joint venture would be a key factor in MCredit’s successful development, based on Shinsei’s modern technologies and diverse experience.

“The project will not only benefit MB and Shinsei Bank but also contribute to building a healthy credit organisation system in Viet Nam. It will also enhance economic co-operation between Viet Nam and Japan,” he said.

Shinsei Bank operates in the banking, investment and insurance sectors. It has more than 50 years of experience in consumer finance through its subsidiary company, Shinsei Financial, which occupies the third place in the Japanese market in terms of consumer finance and ranks among the best companies for technological solutions in the sector.

MB Bank is a diversified financial group with a network of over 250 transaction points nationwide and two foreign branches in Laos and Cambodia, as well as subsidiaries in securities, insurance and fund and asset management. — VNS



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