3 international finance institutions provided syndicated loan worth $70 million to VIB

Vietnam International Bank (VIB) has got syndicated loan of $70 million from 3 international finance institutions: Cathay United Bank – Taiwan, Industrial and Commercial Bank of China – Hong Kong branch and Bank of Communications. With this unsecured loan for a term of 3 years to increase working capital, VIB will enhance capabilities of granting medium and long-term financing for personal and business customers.

Receiving this syndicated loan from 3 international institutions is not only the result of their trust with the prestige and capacity of VIB amid COVID – 19 epidemic, but this is an opportunity for VIB to manage the capital for medium and long-term loan more flexibly as well.

The International Finance Corporation (IFC) has formerly increased the trade finance limit for VIB to $144 million within the framework of the Global Trade Finance Program (GTFP). VIB continues being granted the largest limits in this program again.

As a leading quality bank, VIB always considers the promotion of advanced and transparent corporate governance and risk management standards as one of the most important foundations for the sustainable development strategy. VIB has been the first bank in Vietnam to complete the implementation of 3 pillars of Basel II one year ahead of time than the provisions of State bank of Vietnam recently. Besides, VIB was also positively appreciated by international organizations such as: Moodys and other finance institutions like IFC, ADB.

VIB reported high and quality retail growth. Lending to individuals and small businesses had an increase of 46% to VND 110 trillion from the beginning of the year, made up 82% total gross loans. With 24% market share, VIB has been the no.1 bank in the market for auto loans for three years in a row. In 2019, VIB has also been no.1 of bancassurance distribution in Vietnam.  Launching many outstanding credit cards, VIB is well known as the leading bank in credit card. And the Asset magazine awarded VIB ‘Digital Bank of the year’ and ‘Best Retail Digital Banking Experience’ for consecutive years.