ICBC (Hong Kong) participates in $70 million syndicated loan to VietinBank for on-lending purposes (Linked to Project ID#96791)
Commitment amount
$ 26059529.683426972
Adjusted commitment amount
$ 26059529.68
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) [State-owned Commercial Bank]
Recipient
Vietnam
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
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. Project ID#96790 captures ICBC's estimated contribution. Project ID#96791 captures China Bank of Communications' estimated contribution.
Additional details
1. AidData assumes equal contributions from each participant in a syndicate. USD 70 million divided by three lenders is $23.33 million per participant.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
China Bank of Communications (BoCom or BoComm) [State-owned Commercial Bank]
Cathay United Bank [Private Sector]
Direct receiving agencies [Type]
Vietnam Bank for Industry and Trade (VietinBank) [State-owned Bank]
Loan Details
Maturity
3 years