News

Maritime Bank will prioritize lending to corporate clients, especially SMEs.

 A 10-year US$ 150 million subordinated Tier 2 syndicated facility agreement was arranged for Sacombank by FMO.   IT was signed by a group of participating development banks in Vietnam. It is the first subordinated loan to a commercial bank in the country's history. To mark this special occasion, a signing ceremony was held at the Reunification Palace in Ho Chi Min City. The transaction helps boost development of Vietnam's capital market and its SME sector. As the first-ever subordinated loan to a commercial bank in Vietnam, with long-term tenor and a syndication of development finance institutions only, this is truly a landmark transaction. The facility strengthens Sacombank's capital position, further increasing its ability to meet loan demand from Vietnamese SMEs and retail customers, and extending its reach even further. The Netherlands Development Finance Company or FMO Chief Investment Officer Jurgen Rigterink said: "FMO is proud to have arranged this first-of-its-kind loan in the history of Vietnam. This long-term commitment is a boost for the SME sector and a clear vote of confidence for the Vietnamese financial sector in general." “FMO, as the lead participant, assisted Sacombank in structuring a subordinated loan facility to enhance the Tier-2 capital of the bank. Sacombank is committed to the effective execution of this capital. This is a genuine landmark transaction in Vietnam, and especially for Sacombank,” said Sacombank CEO Tran Xuan Huy.

The move aimed to further boost business of China in Taiwan as economic exchanges across the Taiwan Strait are increasing daily.

The company became more driven to acquire life insurance firm after losing bid to buy MetLife Taiwan.

38 employees of ING Bank Manila's trust department will be absorbed as a separate division under BPI, which became the manager, adviser and administrator of 32 investment funds.

The move will expand Chinatrust’s capability to offer insurance and diversify its revenue sources.

The lender to begin scouting for a partner to offer wealth management products and services after the next 5-6 months.

TrustBank's business targets in 2011 include hiking its chartered capital to 5 trillion dong, up 66.7 percent over 2010.

HSBC in Vietnam earned a pre-tax profit of $67.9 million in 2010, a year-on-year increase of 38 per cent against the figure previous year.

Moody's said  the outlook for China's banking system is stable over the next 12 to 18 months. It added that the country's banks have adequate cushions against rising non-performing loans.

The participation of NIB Bank Ltd. and Soneri Bank Ltd. in the ADB's Trade Finance Program  means there are now 13 Pakistani banks signed up to the program.

Fundtech Ltd., a market leader in global banking solutions, announced the results of a survey on mobile corporate banking.

The card provides different limits, flexibility in transaction, high daily cash withdrawal and access to complimentary privileges for card holders.

The lender to use proceeds to increase stake in Union Trust to 56%.

The lender plans to buy one to two additional savings banks to tap microcredit finance business.

The Korean lender offered 2.5mn shares in KB Financial to Sumitomo at $50.53 per share.