Expansion from $10 million to $30 million based on assessment in Global Trade Finance Program.
The International Financial Corporation (IFC) under the World Bank has increased the credit line extended to TPBank from $10 million to $30 million, after five months of research.
The move expresses its appreciation of the bank’s business performance and is based on an assessment made in its Global Trade Finance Program.
TPBank became a medium-sized bank in 2015, with total assets of VND76.2 trillion ($3.41 billion), a 1.5-fold increase against 2014.
Over the years the bank has introduced many preferential interest rate programs and assisted Vietnamese enterprises, especially import and export enterprises, bolstering competitive capacity.
Thanks to the expanded credit line the bank can enlarge its assistance to small and medium-sized enterprises in Vietnam and provide more favorable conditions in conducting international trade.
In 2016 the bank targets to increase total assets by 20 per cent and pre-tax profits by 11 per cent and have about 1.5 million customers.
The IFC focuses on supporting the private sector in emerging economies. It has supported over 2,000 private enterprises around the world thanks to its professional capabilities and financial capacity.
In 2015 total long-term investment in developing countries by IFC stood at almost $18 billion, improving the capacity of the private sector and reducing poverty.