Hanoi, July 19 -- The International Finance Corporation (IFC), a member of the World Bank Group, recently approved a convertible loan of 57 million USD to the Vietnam Prosperity Joint-Stock Commercial Bank (VPBank).
The two-year loan term, which can be extended for two additional years, will help VPBank expand its lending scope to small- and medium-sized enterprises (SMEs), a strategic and focal segment of VPBank.
According to the agreement, IFC has the right to convert the principal balance to VPBank's common shares during the loan term. At present, VPBank is completing legal procedures for this convertible loan.
"IFC's long-term financing will help VPBank move closer towards its goal of becoming a leading small-and-medium sized bank in...