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Banking & Finance

BIDV takes out loan from international banks

Released at: 14:00, 08/08/2015

BIDV takes out loan from international banks

Bank signs a $105 million credit with 11 foreign banks.

by Hoai An

As it celebrates its 20th anniversary, the Bank for Investment and Development of Vietnam (BIDV) signed a agreement on August 7 for $105 million loan over five years, with Cathay United Bank from Taiwan being the main arranger.

The loan comes from eleven foreign banks and is among the largest and longest taken out by a Vietnamese commercial bank.

General Director of Cathay United Bank and Director of Cathay Financial Group, Mr. Chang-Ken Lee, spoke highly of its cooperation with BIDV.

The eleven banks are Cathay United Bank, Grand Capital International Limited, Mega International Commercial Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Taishin International Bank, Sunny Bank, Shanghai Commercial & Savings Bank, Land Bank of Taiwan, and Far Eastern International Bank.

Cathay United Bank is one of the largest private banks in Taiwan, with a network of 165 branches in the country and 15 subsidiaries and representative offices abroad. Total assets and equity in 2014 were $70.7 billion and $4.62 billion, respectively.

BIDV previously signed a Memorandum of Understanding (MOU) with ANZ Bank Vietnam, on lending activities, trading on the interbank market, foreign exchange, international payments, and consulting services for issuing bonds and raising capital.

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