TPB Quasi Equity (IFC-37920)

Countries
  • Vietnam
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 12, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
TIEN PHONG COMMERCIAL JOINT STOCK BANK
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 18.35 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 31, 2019

Disclosed by Bank Apr 25, 2016


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Project 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
  • International Finance Corporation (IFC)

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).

Private Actors

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

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/