At the signing ceremony (Source: VNA) Hanoi (VNA) - The Bank for Investment and Cooperation of Vietnam (BIDV) and four banks of Japan’s Resona Group have signed a cooperation agreement on supporting Japanese firms in Vietnam. Accordingly, the BIDV will cooperate with Resona Bank Ltd., Saitama Resona Bank Ltd., Kinki Osaka Bank Ltd., and Kansai Urban Banking Corporation in providing services and products for Japanese businesses operating in Vietnam which are customers of the Japanese banks. The services will include opening and managing accounts, deposits, credit granting and warrantee, domestic and international payment, and foreign currency trading. In addition, the two sides will also work in providing customers with information and advice related to business and investment environment in Vietnam, as well as Vietnam’s laws for foreign investors in the field of finance and banking, and business matching. So far, as many as 33 Japanese banks have signed cooperation … [Read more...] about More Japanese banks partner with BIDV
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Former BIDV chairman expelled from Party
Former BIDV chairman expelled from PartyBy Thanh Thom A combination photo of Tran Bac Ha and Le Nam Tra - PHOTO: VNA HCMC – The former chairman of the Bank for Investment and Development of Vietnam (BIDV), Tran Bac Ha, has lost his membership of the Communist Party of Vietnam as he has been found responsible for lending irregularities. At a meeting held in Hanoi on June 27-28, the Party Central Committee’s Inspection Commission decided to remove Ha, 61, from the Party. He also served as secretary of the Party Committee of BIDV. Ha violated the principle of democratic centralism as well as working regulations, procedures and regulations on lending, financial guarantees, investment and debt management, according to a statement issued by the commission after its meeting. Ha was found to be involved in the process of approving loans totaling VND4.7 trillion (US$204.7 million) for 12 companies involved in a criminal case at the Vietnam Construction Bank. Other former … [Read more...] about Former BIDV chairman expelled from Party
KEB Hana Bank BIDV’s potential strategic investor: VCSC
The potential strategic investor of Bank for Investment and Development of Vietnam is Korea’s KEB Hana Bank. — Photo BIDV The potential strategic investor of Bank for Investment and Development of Vietnam (BIDV) is Korea’s KEB Hana Bank, reported Viet Capital Securities Company (VCSC). In a report on BIDV, which is one of Viet Nam’s four largest State-run commercial banks, VCSC said the prospect of finding strategic investors of BIDV after eight years was gradually clear, adding that the transaction, if successful, will be an important factor to bring BIDV closer to Basel II standards as required by the central bank. Earlier, Business Korea reported that KEB Hana Bank had decided to expand its business in Viet Nam by acquiring a stake in BIDV. KEB Hana Bank is going forward with the acquisition and is reportedly close to signing a deal. The deal will proceed in a way that BIDV will raise new capital through a capital increase to improve its financial … [Read more...] about KEB Hana Bank BIDV’s potential strategic investor: VCSC
Former BIDV chairman implicated in notorious banking fraud
The violations of BIDV and its former chairman Tran Bac Ha related to the notorious VNCB case are very serious. Tran Bac Ha, former chairman of BIDV According to the conclusions of the Central Inspection Commission of the Communist Party of Vietnam presented at the 26th meeting, the former chairman of BIDV allegedly violated regulations when he let the 12 companies related to the notorious fraud case in Vietnam Construction Bank (VNCB) borrow VND4.7 trillion ($207 million) from state-owned bank BIDV. The Central Inspection Committee concluded that Tran Bac Ha, former chairman of BIDV, had violated the regulations, bypassed democracy in his management of the bank, and broke the duties and responsibilities of his position. Tran Bac Ha also violated credit procedures and regulations by approving a number of loans, investments, and debt management decisions. In addition to singling out Ha, inspectors also found that the standing committee of BIDV Party Committee for the terms … [Read more...] about Former BIDV chairman implicated in notorious banking fraud
BIDV donates 1 billion VND to Hue Festival
The signing ceremony of the sponsorship (Source: http://tintuc.hues.vn) Thua Thien – Hue (VNA) – The Bank for Investment and Development (BIDV) will donate 1 billion VND (43,700 USD) to activities within the framework of the Hue Festival 2018, becoming the bronze sponsor for the event. The signing of the sponsorship took place in Hue city, the central province of Thua Thien - Hue on April 23. In recent times, BIDV’s branch in Hue has funded many social programmes in the locality. Notably, it provided two ambulances worth 2.5 billion VND (109,250 USD) for the Hue Central Hospital and the Hue University of Medicine and Pharmacy. According to Nguyen Dung, Vice Chairman of the provincial People’s Committee and also head of the Hue Festival organising board, the 10th Hue Festival themed “Cultural heritage with integration and development, Hue - one destination, five world heritages” will take place from April 27-May 2. A wide range of activities … [Read more...] about BIDV donates 1 billion VND to Hue Festival
BIDV plans to raise chartered capital by 28% this year
The Bank for Investment and Development of Viet Nam (BIDV) has proposed a plan to its shareholders to increase its chartered capital this year by 28 per cent, compared to the end of 2017. In the plan which was unveiled at the bank’s annual general shareholder meeting on April 21, BIDV proposes to add VND9.45 trillion (US$418.2 million) to its chartered capital, so the figure would reach VND43.65 trillion by the end of 2018. Specifically, BIDV will issue 965 million ordinary shares with a face value of VND10,000 per share. Of the total, more than 171 million shares will be sold to the public through an initial public offering or private placement, 603.3 million shares to be sold to foreign strategic investors under private placement, and over 171 million shares sold under the Employee Stock Ownership Plan (ESOP). The increase in chartered capital is part of BIDV’s plan to increase its equity to meet the minimum capital adequacy requirement set by the State Bank of Viet Nam, … [Read more...] about BIDV plans to raise chartered capital by 28% this year
BIDV raises chartered capital to VND33.5 trillion
BIDV raises chartered capital to VND33.5 trillionVan Ly By Van Ly - The Saigon Times Daily HCMC – BIDV shareholders have approved a proposal for raising the bank’s chartered capital to VND33.5 trillion from VND28.1 trillion. In the capital increase plan, the Bank for Investment and Development of Vietnam will sell shares to its current investors and strategic shareholders, and pay a dividend by shares. The forthcoming share sale will lead the State ownership of the bank to fall to 86.66% from the current 95.76%. The bank said its listing on the HCMC stock exchange early this year had set a foundation for an upcoming sale of shares to a strategic foreign investor. At the bank’s general meeting last Friday, shareholders asked whether or not the bank was planning to merge with another credit institution, Tran Bac Ha, chairman of the bank, said since the State remains a majority stakeholder, the bank will not do that unless otherwise approved by the State. The 2014 … [Read more...] about BIDV raises chartered capital to VND33.5 trillion
BIDV delays listing to finalize audit data
By Hong Phuc - The Saigon Times DailyHCMC – Bank for Investment and Development of Vietnam, or BIDV, has delayed its plan to list over 2.3 billion shares on the Hochiminh Stock Exchange on June 26 as scheduled since the bank needs more time to finalize audit data, the bank’s CEO said.Pham Quang Tung told the Daily that BIDV has to complete the necessary procedures to list on the southern bourse. It is the third largest bank in Vietnam by assets, so it takes time to finalize audit data at the time of business transfer and handover, Tung said.BIDV has applied to list on bourse but the southern stock watchdog has told the lender to supplement some documents.A recent decline in the stock market is another reason for the delay but the bank has to ensure procedures follow regulations. After obtaining listing approval, BIDV will select a suitable time within the following 90 days to float shares on the bourse.According to Tung, the central bank issued a document on May 22 … [Read more...] about BIDV delays listing to finalize audit data
BIDV contributes over VND5.5 trillion to State budget
The information was reported at a conference held by the lender in Hanoi on January 17 to review its performance in 2017 and devise tasks for 2018. In the past year, BIDV has almost achieved and exceeded its targets, with its total assets reaching VND1,176 trillion (nearly US$51.8 billion), a year-on-year increase of 16.7%. The bank mobilised over VND1,106 trillion (over US$48.7 billion) from its depositors, up 17.9% from the previous year, while its total outstanding loans and investments were nearly VND1,137 trillion (approximately US$50.1 billion), up 18%. The lender fulfilled 113.5% of the plan concerning its pre-tax profits in 2017, with VND8.8 trillion (over US$387.56 million). BIDV continued to affirm its role as a key force in implementing a monetary policy under the direction of the Government and the State Bank of Vietnam as well as being among the top enterprises contributing to the State budget. In addition, the bank was highly praised by both domestic and international … [Read more...] about BIDV contributes over VND5.5 trillion to State budget
BIDV to cut annual lending interest rate by 0.5 percent
Illustrative photo (Source: VNA) Hanoi (VNA) – The Bank for Investment and Development of Vietnam (BIDV) will cut down its lending interest rate for short-term loans in VND for prioritised sectors by 0.5 percent to 6 percent per year from January 15. The preferential rate will be applied to customers operating in export, support industry, hi-tech industry and hi-tech agriculture. At the same time, the bank will continue running large-scale loan packages with preferential interest rates that are lower than the normal rate by 1-1.5 percent per year for customers in the Government’s priority list. They include 10 trillion VND package for small and medium-sized enterprises, 20 trillion VND for large firms, and 3 trillion VND for micro enterprises and startups. Earlier, Agribank, Vietcombank and Vietinbank also announced their plans to cut interest rates for loans in five prioritised sectors to assist people and businesses in accessing capital, thus boosting economic … [Read more...] about BIDV to cut annual lending interest rate by 0.5 percent