17:31 (GMT +7) - Tuesday 12/12/2017

Banking & Finance

FE CREDIT acquires $100mn secured loan

Released at: 09:18, 24/11/2017

FE CREDIT acquires $100mn secured loan

Photo: Khanh Chi (VET)

Facility arranged by Deutsche Bank AG Singapore.

by Hong Nhung

The VPBank Finance Company Limited (FE CREDIT) announced on November 23 that it will receive a $100 million senior secured loan facility from Deutsche Bank. This loan will provide FE CREDIT with additional capital to continue to grow its business and remain the market leader in Vietnam’s consumer finance industry as well as the trusted financial partner of millions of Vietnamese people.

Deutsche Bank AG Singapore will act as the facility agent for the secured loan. FE CREDIT at present holds a market share of nearly 50 per cent in the consumer finance industry in Vietnam.

“We are very pleased to receive such strong support from our international banking partners with the help of this facility,” said Mr. Kalidas Ghose, Vice Chairman and CEO of FE CREDIT. “Our partnership with Deutsche Bank re-affirms our brand value and the operational excellence of our business in meeting the highest level of international standards. Also, it demonstrates the trust that our partners have in our business performance, the sustainable growth of FE CREDIT, and the vision of its shareholders as well as management going forward.”

Founded in Germany, the worldwide Deutsche Bank provides commercial and investment banking, retail banking, transaction banking, and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized enterprises, and private individuals. With a history in the international market since 1870, Deutsche Bank is one of Germany’s leading banks with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

“We are delighted to be working with FE CREDIT and this is Deutsche Bank’s largest loan to the consumer finance industry in Vietnam to date,” said Mr. Sreenivasan Iyer, Managing Director and Head of Corporate Finance Southeast Asia at Deutsche Bank. “This year, Deutsche Bank celebrated its 25th anniversary in Vietnam. This cooperation demonstrates the bank’s unwavering commitment to our clients in the country. As Vietnam’s economy continues to thrive, we see many opportunities to partner with our clients to support their growth. We are proud to play a role in Vietnam’s growth story.”  

FE CREDIT last year also obtained a $100 million secured term loan facility from Credit Suisse AG Singapore to supplement its working capital as it continues to build its domestic consumer finance services business.

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