ADB increases trade finance to US$75 million for TPBank
Tien Phong Commercial Joint-Stock Bank (TPBank) has received US$45 million from the Asian Development Bank (ADB)’s Trade Finance Programme (TFP), bringing the total to US$75 million.
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| Representatives of ADB and TPBank shake hands after signing a trade finance agreement in Hanoi |
Santosh Pokharel, TFP’s relationship manager, said the additional trade finance was decided after ADB reviewed TPBank’s details.
TPBank General Director Nguyen Hung said ADB increased guarantees for TPBank by 2.5 times in a very short time, showing the foreign bank’s confidence in TPBank. Earlier, ADB provided TPBank with 30 million USD on May 24.
"The finance would help TPBank increase its presence in the international market, contributing to supporting its business customers to expand their transactions worldwide," Hung added.
In addition to ADB, TPBank has been attractive to other foreign partners.
Earlier, it received 18.3 million USD investment from IFC.
TPBank has total assets of some 106 trillion VND (about 4.6 billion USD), 4,000 employees and an extensive network of 55 branches and transaction offices in Vietnam. Currently, with more than 1.5 million individual customers and businesses, TPBank has been asserting its position as a strong, sustainable and healthy bank in the country.-
