Overview

ICBC (Hong Kong) participates in $70 million syndicated loan to VietinBank for on-lending purposes (Linked to Record ID#96791)

Commitments (Constant USD, 2023)$24,073,789

Commitment Year•2020Country of Activity•Viet NamDirect Recipient Country of Incorporation•Viet NamOverseas Jurisdiction•Hong Kong (China)Sector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2020

Last repayment (originally scheduled): Mar 1, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Cofinancing agencies

Private Sector

Cathay United Bank

State-owned Commercial Banks

China Bank of Communications (BoCom or BoComm)

Receiving agencies

State-owned Banks

Vietnam Bank for Industry and Trade (VietinBank)

Loan description

ICBC (Hong Kong) and BoCom contribution ito $70 million syndicated loan to VietinBank for on-lending purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In March 2020, Industrial and Commercial Bank of China (Hong Kong) (ICBC) participated in a $70 million syndicated loan agreement with VietinBank (VIB). The loan had a term (maturity) of three years, and an unknown interest rate. The participating banks were Cathay United Bank (Taiwan), Industrial and Commercial Bank of China (Hong Kong branch), and China Bank of Communications. The loan was intended to increase VIB's working capital and enhance its capabilities in granting medium- and long-term financing for personal and business customers. Record ID#96790 captures ICBC's estimated contribution. Record ID#96791 captures China Bank of Communications' estimated contribution.

Staff comments

1. AidData assumes equal contributions from each participant in a syndicate. USD 70 million divided by three lenders is $23.33 million per participant.