The deal was arranged by BNP Paribas SA and Taipei Fubon Commercial Bank Co Ltd.
According to Vietinbank, the syndicated loan is made available by a group of lenders, including Commerzbank AG, State Bank of India, Taiwan Cooperative Bank, BDO Unibank, Chang Hwa Commercial Bank Ltd., Taiwan Business Bank, Far Eastern International Bank, and Export-Import Bank of China, as well as a few others.
The foreign currency loan will provide the Hanoi-based bank credit to support its clients’ manufacturing and other business activities.
“VietinBank has produced a stout growth in total asset value, loans, and capital volume, as well as profit with a low bad-debt ratio,” Taipei Fubon’s executive vice president Stephen Chan said in a statement published on VietinBank’s website. “This contract will provide significant financial support to VietinBank.”
As of December 31, 2015, Vietinbank’s total assets added up to VND779 trillion (US$35.7 billion), showing an increase of 17.8% compared to the previous year. The bank also attained VND702 trillion (US$32.2 billion) worth of deposits during the year, up 18% on-year. Its total outstanding credit reached VND674 trillion (US$30.91 billion), 24.2% higher than at the end of 2014.
The bank reported a pre-tax profit of VND7.36 trillion (US$337.15 million) for the financial year 2015.