IFC arranges $100m loan for TPBank
HAØ NOÄI The International Finance Corporation (IFC) and
Tieân Phong Commercial Joint Stock Bank (TPBank) have inked a deal following which the financial arm of the World Bank will provide a syndicated loan of US$100 million to help
TPBank extend long-term funding to mirco, small and medium enterprises (MSMEs), and individual borrowers through digital delivery channels.
The five-year financing package is likely to improve the Vietnamese banking sectors competitiveness by promoting a cashless economy via innovation and competition.
It is further expected to create between 35,000 and 56,000 jobs over the next five years.
Lack of financial access is one of the key challenges for MSMEs, which employ about 77 per cent of Vieät Nams labour force and contribute to around 41 per cent of the countrys GDP.
According to the IFC, about 70 per cent of MSMEs have financing needs, resulting in a $23.6 billion gap, equivalent to 12 per cent of GDP.
Liberty Insurance in top 10 non-life insurers
HCM CITY Liberty Insurance has been named among the top 10 non-life insurers in Vieät Nam for 2018.
It is also the only limited liability company and the first 100 per cent foreign direct investment company to be ranked in this list, according to independent research compiled by Vietnam Report.
Insurance firms were selected based on financial capacity, media credibility and client satisfaction.
Vietnam Reports research shows the new trends in the insurance industry; technology, product development and networks. This aligns perfectly with the strategic vision Liberty has been developing to optimise product and service experience for our customers, the company said in a statement.
Liberty Insurance is a member of Liberty Mutual Insurance, a Boston-based diversified global insurer established in 1912. As of December 31, 2017, Liberty Mutual Insurance had US$125.6 billion in consolidated assets and $38.3 billion in annual consolidated revenue, which makes it the third largest property and casualty insurer in the US and the sixth largest in the world.
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