20:41 (GMT +7) - Thursday 24/05/2018

Banking & Finance

FE CREDIT signs $50mn loan facility with Lion Asia

Released at: 07:58, 28/01/2018

FE CREDIT signs $50mn loan facility with Lion Asia

Photo: FE CREDIT

Loan to bolster capital for growing FE CREDIT's consumer finance activities.

by Hong Nhung

The VPBank Finance Company (FE CREDIT) recently announced it has received a $50 million loan facility from Lion Asia I (RB) Limited as additional capital to continue to grow its business as the market leader in Vietnam’s consumer finance industry and to broaden its ability to meet the financial demands of millions of Vietnamese people.

Lion Asia, an entity established in the British Virgin Islands and 100 per cent owned by the Lending Ark Asia Secured Private Debt Fund, acted as facility agent for the $50 million loan. The Fund was established by Lending Ark Asia Secured Private Debt Holdings Limited, a market leader in complex, innovative secured private credit lending across the Asia-Pacific region.

As one of only a few pioneers in Vietnam’s consumer finance industry, FE CREDIT has established a solid foundation in its seven years and become the market leader, with business practices that compare favorably with the best in the world. It currently holds nearly a market share of 50 per cent in Vietnam’s consumer finance industry.

“This cooperation continues to re-affirm our brand value and the operational excellence of our business in meeting the highest level of international standards,” said Mr. Kalidas Ghose, Vice Chairman and CEO of FE CREDIT. “This loan facilitates the growth of our business in the future by providing solutions to the needs of millions of people across Vietnam, who are not currently served well by banks, with better financial products and services. Also, this cooperation demonstrates the trust that international partners have in our sustainable vision and the commitment of our shareholders as well as management going forward.”

“It is a great honor to announce the successful completion of our $50 million loan facility for FE CREDIT,” said Mr. Gregory Park, Managing Director - Fund Head and representative of Lion Asia. “With tremendous support from the State Bank of Vietnam and the hard work of FE CREDIT, the entire working team were able to swiftly complete this cooperation. We believe that with its strong management team serving the expanding consumer finance market of Vietnam’s 95 million citizens, FE CREDIT makes its business an example of a great success in the global financial markets.”

FE CREDIT also acquired a $100-million senior secured loan from Deutsche Bank two months ago for its expansion plans.

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