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Banking & Finance

TPBank signs two cooperation contracts

Released at: 16:36, 17/07/2015

TPBank signs two cooperation contracts

Bank agrees to deals with Saigon Commercial Bank and Bao Long Insurance.

by Hung Nguyen

TPBank signed a cooperation contract on July 17 in Ho Chi Minh City with the Saigon Commercial Bank (SCB) regarding cash transactions.

Customers can use all of SCB’s transaction points to deposit cash into their TPBank accounts. The cooperative arrangement was based on TPBank taking advantage of SCB’s network and staff.

On the same day TPBank and the Bao Long Insurance Corporation signed a bancassurance agreement, where the two form a partnership that allows the latter to sell its products to the former’s customer base.

In the first half, TPBank’s total assets increased slightly against the beginning of the year, to VND52 trillion ($2.38 billion), while mobilized capital and outstanding credit increased about 10 per cent year-on-year. Profit before tax was VND342 billion ($15.68 million), representing 112 per cent of the plan for the first half and accounting for 55 per cent of the annual plan.

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