Japanese bank owns 49% share of BIDV financial leasing company
Friday, 24/02/2017 17:31 (GMT+7)
The Japanese Sumitomo Mitsui Trust Bank (SMTB) will own 49% of the shares of charter capital of the Bank for Investment and Development of Vietnam - BIDV Financial Leasing Company (BLC).
Photo for illustration
This is the content of the official document issued by the State Bank of Vietnam on the principle approval for the conversion of BLC on February 21
st.
Accordingly, BLC, from a one-member limited liability company 100 percent owned by BIDV, is conversed into BIDV - SuMi TRUST Financial Leasing Company (BSL). The company’s charter capital will be raised from VND448 billion to VND896 billion that helps improve its financial capacity to meet the needs of business development in the upcoming period.
By adopting the new business model and benefiting from BIDV in utilising its wide network to implement a cross-selling model, and from SMTB in establishing relationships with suppliers of Japanese leading brands, BSL will launch its competitive financial leasing products on the market.
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.
BSL is the first leasing company in Vietnam to apply the joint venture model between a domestic commercial bank and a foreign financial institution./.
BTA
Tags: