Japanese partner ends strategic alliance agreement with Eximbank
VOV.VN - Japanese shareholder Sumitomo Mitsui Banking Corporation (SMBC) has announced the termination of a strategic alliance agreement signed with Vietnam Export Import Commercial Joint Stock Bank (Eximbank), dantri.com.vn reported.
The termination took effect from February 7.
Sumitomo Mitsui invested US$225 million in Eximbank, becoming the largest shareholder in the bank with a 15% stake since November 2007.
Their co-operation covered Eximbank’s general operations, risk management, credit management, fund trading, gold trading, forex trading, and retail banking. In addition, Sumitomo Mitsui Bank also assisted Eximbank in obtaining Japanese retail banking customers.
It also helped Eximbank access international funding and contributed to enhancing the Vietnamese lender’s liquidity through money market lines, trade financing, and guarantees.
However, after more than a decade of co-operating with Eximbank, SMBC's investment failed to increase as expected.
Last year saw Eximbank record a pre-tax profit of VND1,205 billion, a decline of 10% compared to the same period from the previous year.
The rumors that SMBC would end its contract with Eximbank have been circulating for nearly a year, that the Japanese bank acquired 49% stake in the country’s largest consumer finance company FE Credit only serving to boost speculation.