ADB increases trade finance to 75 million USD for TPBank
Tien Phong Commercial Joint-Stock Bank (TPBank) has received 45 million USD from the Asian Development Bank (ADB)’s Trade Finance Programme (TFP), bringing the total to 75 million USD.
Representatives of ADB and TPBank shake hands after signing a trade finance agreement in Hanoi (Photo courtesy of TPBank)
Hanoi (VNA) - Tien Phong Commercial Joint-Stock Bank(TPBank) has received 45 million USD from the Asian Development Bank(ADB)’s Trade Finance Programme (TFP), bringing the total to 75 million USD.
The additional trade finance will help to considerably improve TPBank’s creditcapacity in the market.
Santosh Pokharel, TFP’s relationship manager, said the additional tradefinance was decided after ADB reviewed TPBank’s details.
TPBank General Director Nguyen Hung said ADB increased guarantees for TPBank by2.5 times in a very short time, showing the foreign bank’s confidence inTPBank. Earlier, ADB provided TPBank with 30 million USD on May 24.
"The finance would help TPBank increase its presence in the internationalmarket, contributing to supporting its business customers to expand theirtransactions worldwide," Hung added.
In addition to ADB, TPBank has been attractive to other foreign partners.
Earlier, it received 18.3 million USD investment from IFC.
TPBank has total assets of some 106 trillion VND (about 4.6 billion USD), 4,000employees and an extensive network of 55 branches and transaction offices inVietnam. Currently, with more than 1.5 million individual customers andbusinesses, TPBank has been asserting its position as a strong, sustainable andhealthy bank in the country.-VNA
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Representatives of ADB and TPBank shake hands after signing a trade finance agreement in Hanoi (Photo courtesy of TPBank) 
