Tien Phong Commercial Joint Stock Bank (“TPBank” or the “Bank”). The investment aims to support the Bank to extend lending to SME and retail clients via its digital channels as:
The Project's supported SMEs lending will mainly expose to the Bank's SME customers of wholesale and retail of automobiles, manufacturing, real estate and construction, warehouse and transportation sectors.
(i) Increase access to finance: for underserved segments through market-wide adoption of digital banking solutions that enhance market participation by promoting technology innovation that motivates other banks to improve existing digital offerings.
(ii) Enhance connectivity by greater deepening of financial markets: by building market capacity that opens new market opportunities for digital banking products and services to help improve the Vietnamese banking sector's competitiveness and promote a cashless economy.
IFC’s loan to TPBank is targeted for on-lending to small & medium enterprises (SME) and retail clients via its digital channels. The investment includes:
IFC's Loan from its own account: US$60 million
IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program: US$22.5 million
Syndicated loan: US$17.5 million.
It was founded on May 5th, 2008. The Bank provides a wide range of products and services to both retail and corporate clients throughout 64 branches and transaction offices, and more than 60 automated LiveBanks across Vietnam. The current main common shareholders of TPBank are: FPT Corporation (8.68%), DOJI Gold and Gems Group (7.60%), Vietnam National Reinsurance Corporation (VinaRe) (5.14%), SBI Ven Holdings (4.61%). TPBank currently has 18 institutional investors and 517 individual investors.
Tien Phong Commercial Joint Stock Bank
Ms. Tran Bich Hanh
Director-Head of Financial Institutions Center
+84 93 222 7656
TPBank Building, 57 Ly Thuong Kiet Str., Tran Hung Dao Ward, Hoan Kiem Dist., Hanoi, Vietnam
2/ IFC Contact:
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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/