BizNEWS

HDBank Raises Working Capital, Earmarks Credit Package for Customers Hit by Covid-19 Difficulties

Van Cao
BizLIVE -

HDBank has increased its working capital by US$71 million through a syndicated loan from a consortium of eight leading Taiwanese banks and an Indian bank arranged by Mega International Commercial Bank.

HDBank Raises Working Capital, Earmarks Credit 
Package for Customers Hit by Covid-19 Difficulties

The augmentation of working capital will help HDBank serve the needs of the country’s economy and optimise its efficiency in line with its new business strategies.

With its target customers being small and medium-sized enterprises and foreign firms, including Taiwanese, HDBank attracted the interest of Mega Bank, one of the four biggest banks in Taiwan, which got other banks on board and arranged the syndicated loan.

HDBank has all the elements of a leading joint stock commercial bank in Việt Nam with an eco-system of 40 million customers in the finance, aviation, retail, and insurance sectors.

It has 308 banking transaction points and 19,500 consumer finance transaction points of HD SAISON, a market leader in terms of transaction network.

These are also factors that help the bank maintain its leading position in Việt Nam and reassure reputed global financial institutions that it is a reliable investment destination.

HDBank's brand value and business capabilities are recognised by international investors.

Late last year it signed agreements to issue convertible bonds and entered into strategic tie-ups with foreign investors to accomplish a plan to supplement its tier 2 capital by $160 million.

Of them, DEG, a development finance institution owned by German state-owned development bank KWF, has invested $30 million in HDBank.

HDBank has also entered into a number of loan agreements with global financial institutions such as JP Morgan Chase, Industrial and Commercial Bank of China and Asian Development Bank.

After over three decades of growth, HDBank is now a leading bank in Việt Nam and reaching out to the world.

Despite challenges last year caused by the COVID-19 outbreak, HDBank achieved positive business results, with pre-tax profit reaching VNĐ5.8 trillion ($253.6 million), or 102.8 per cent of its target, and bad debts well controlled at a mere 0.93 per cent.

To pro-actively help millions of customers overcome the effects of the pandemic, the bank set aside VNĐ34 trillion ($1.46 billion) to provide preferential credit and roll over loans.

It also took timely measures to ensure the safety and the health of its customers who come to transact business at its branches, effectively ensuring disease prevention and adapting to digital transformation trends.

Even at the peak of the pandemic last year, international credit rating agency Moody's maintained a B1 rating for HDBank, and appreciated its capital capacity, operational efficiency and growth potential.

Along with the sustainable growth of Việt Nam, HDBank will continue to actively develop, conquering ever higher annual targets.

To diversify its products and services and offer better experiences to customers in its eco-system, HDBank has been developing a digital banking strategy to use 4.0 technologies in its operations, Happy Digital Bank.

VAN CAO

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