Photo for illustrationBSL has a charter capital of VND895.6 billion (about USD39.45 million) and operates in all fields of a financial leasing company as regulated by the law.
Under the new model, Sumitomo Mitsui Trust Bank (SMTB) will own 49 percent of the charter capital.
SMTB is the largest trust bank in Japan, with total assets of JPY59,479 billion (equivalent to USD585.4 billion) and total shareholders’ equity of JPY2,022 billion (equivalent to USD19.9 billion) as of September 30th 2016. BIDV entered into a strategic partnership with SMTB in 2013. Accordingly, BIDV and SMTB have partnered to research and develop business projects, as well as cooperating in training and technology transfer.
BIDV has established strategic partnership with SMTB since 2013, with the aim of together researching and developing business projects, training cooperation and technological conversion.
Through their nearly three-year cooperation, the two sides realized the strategic partnership by signing a cooperative agreement in the financial leasing field at the end of April 2016 in Hanoi. Under the agreement, BIDV transferred its 49 percent ownership of charter capital of BLC to SMTB, converting BLC into BSL, raising the company’s charter capital from VND448 billion to VND896 billion, helping improve its financial capacity to meet the needs of business development in the upcoming period.
BSL is the first leasing company in Vietnam to apply the joint venture model between a domestic commercial bank and a foreign financial institution. The launch of BSL will add an important financial product to BIDV’s product portfolio, enabling the system to better satisfy the diverse needs of customers in credit, insurance, financial leasing, and securities./.