TPB Quasi Equity (IFC-37920)

Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
National-wide
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 12, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
TIEN PHONG COMMERCIAL JOINT STOCK BANK
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 18.35 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 18.35 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 4, 2021

Disclosed by Bank Apr 25, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the project involves an IFC investment in dividend preference shares of Tien Phong Commercial Joint Stock Bank. TPBank is a fast growing mid-tier commercial bank, strategically aiming to become a leading digital bank of Vietnam. As at 31 December 2015, the Bank had a total assets of US$3.5 billion equivalent and serving over 1 million customers. IFC’s investment will allow the Bank to capitalize on new business opportunities and implement its growth strategy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

TPBank was established in May 2008 with key shareholders being FPT Group, Vietnam's largest IT company and the SBI Group’s investment partner in a jointly operated fund in Vietnam.
In 2012, Doji Gold & Gems Group became the major shareholder and, together with its related parties, held 20% ownership and has been actively involved in managing the Bank.
Other strategic shareholders of TPBank are Vietnam Mobile Telecom Services Company – VMS (MobiFone) and Vietnam National Reinsurance Corporation (Vinare).

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Tien Phong Commercial Joint Stock Bank was established in May 2008 with key shareholders being FPT Group, Vietnam's largest IT company and the SBI Group’s investment partner in a jointly operated fund in Vietnam. In 2012, Doji Gold & Gems Group became the major shareholder and, together with its related parties, held 20% ownership and has been actively involved in managing the Bank. Other strategic shareholders of TPBank are Vietnam Mobile Telecom Services Company – VMS (MobiFone) and Vietnam National Reinsurance Corporation (Vinare).


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Hanh Nam NGUYEN
Principal Investment Officer, Hub Leader FIG Vietnam, Lao, Cambodia, Thailand and Myanmar
International Finance Corporation
Office Address: 3rd floor, 63 Ly Thai To, Hoan Kiem, Hanoi, Vietnam.
Telephone No.: +84 4 3934 2282
Fax No.: +84 4 3934 2289
Email Address: Nnam@ifc.org

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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