ICBC contributes USD 10 million to USD 230 million syndicated loan for VPBank for refinancing purposes
Commitment amount
$ 10000000.0
Adjusted commitment amount
$ 10000000.0
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [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 February 2021, the Hong Kong branch of the Industrial and Commercial Bank of China (ICBC) committed to a USD 10 million contribution to a USD 230 million syndicated loan for VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank. The loan was initially closed in December 2020 at USD 170 million but was up-sized and closed again in February 2021 after five new lenders joined. State Bank of India contributed USD million. Chang Hwa Commercial Bank, Industrial and Commercial Bank of China, and Taiwan Business Bank each contributed USD 10 million. Bank of Panhsin contributed USD 5 million to the loan syndicate. The final individual contributions of lenders who joined prior to February 2021 are unknown. The borrowing terms include a one-year maturity period and an interest rate of LIBOR plus a margin of 275 basis points. This loan was intended for refinancing purposes.
Additional details
1. AidData has estimated the interest rate by adding 2.75% to the average six-month LIBOR in February 2021 (0.206%).
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Maybank International (L) Limited [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Chang Hwa Commercial Bank Limited [Private Sector]
Taiwan Business Bank (TBB) [Private Sector]
Taishin International Bank (Taishin Bank) [Private Sector]
Taiwan Shin Kong Commercial Bank [Private Sector]
First Commercial Bank Limited [Private Sector]
International Investment Bank [Intergovernmental Organization]
Sunny Bank [Private Sector]
Taichung Commercial Bank [Private Sector]
Hua Nan Commercial Bank, Ltd. (HNCB) [Private Sector]
Mega International Commercial Bank Co., Ltd. [Private Sector]
The Shanghai Commercial & Savings Bank, Ltd. (SCSB) [Private Sector]
Bank of Panhsin (BOP) (formerly Panchiao Credit Cooperatives (PCC)) [Private Sector]
Direct receiving agencies [Type]
Vietnam Prosperity Commercial Joint Stock Bank (VPBank) [State-owned Bank]
Loan Details
Maturity
1 years
Interest rate
2.956%
Grant element (OECD Grant-Equiv)
1.8765%