VPBank takes US$600 million syndicated loan

Saturday, Apr 30, 2022 07:33

A customer experiences VPBank's services. — Photo courtesy of the bank

Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) has taken a US$600 million syndicated loan from foreign lenders led by Sumitomo Mitsui Banking Corp (SMBC) and Maybank Securities Pte.

Other lenders include Cathay United Bank, CTBC Bank and State Bank of India, VPBank announced on Thursday.

VPBank said the three-year loan will consolidate its financial capability to boost post-pandemic lending.

The successful mobilisation of a large loan in a short time, especially in the context of recent strong fluctuations in the world financial market, is an affirmation of VPBank's reputation, which is increasingly being valued by foreign partners in the international arena. At the end of 2021, VPBank’s Baseline Credit Assessment (BCA) was also upgraded by the world's leading credit rating agency Moody's Investors Service from B1 to Ba3, equivalent to Moody's national rating for Viet Nam, with a positive outlook.

In less than half a year, VPBank has received three international syndicated loans jointly arranged by Japan's SMBC. Earlier, at the end of 2021, VPBank successfully mobilised syndicated loans with a total value of $300 million.

VPBank expects high credit growth in its business results in 2022 based on the increasingly clear economic recovery, and positive business results of the individual customer segment and small- and medium-sized enterprises (SMEs) in the first quarter of the year. In the first three months of the year, the bank's credit growth reached 10.3 per cent, double the banking industry’s average.

The $600 million loan is part of the bank's capital mobilisation plan from the beginning of the year. Accordingly, VPBank will have more important resources to strengthen its capital base, grow sustainably and continue to provide support solutions to help customers recover strongly after the pandemic. — VNS

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