Being a billionaire by owning billions of dollar of assets, many Vietnamese businesses use these assets to secure their loans or related companies at banks.
Techcombank has announced that two separate legal entities managed by Warburg Pincus will invest over US$370 million into the Bank, subject to appropriate regulatory approvals.
In only the first two months of this year, the banking, financial services and insurance sector (BFSI) of Vietnam received up to US$1.45 billion worth of investment.
The divestment in TechcomFinance is expected to help the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) record an extraordinary profit of more than VND1.1 trillion (US$48.4 million) in the first and second quarter of this year.
Techcombank announced that its pretax profit in 2017 reached over VND8.03 trillion (US$354.4 million), doubling that in 2016 and naming Techcombank in Vietnam’s top five profitable banks.
Fifteen Vietnamese banks have been listed among The Asian Bankers’ AB500 ranking and survey of Asia Pacific’s strongest banks.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will attain VND510 billion (roughly US$22.5 million) after selling nearly 17 million shares to an individual.
The mortgage is collected as the borrower, VICCOM Joint Stock Company, holds an overdue debt in the Nam A Commercial Joint Stock Bank (Nam A Bank).
The acquisition of Techcombank's finance company allows Lotte Card to enter the booming consumer finance market in Vietnam.
Standard & Poor's Global Ratings has reviewed and announced its periodical credit ratings on four Vietnamese banks including the Joint Stock