Ho Chi Minh City, Vietnam, May 24, 2012—
IFC, a member of the World Bank Group, will provide financing to Orient Commercial Joint Stock Bank in Vietnam to expand the availability of financing for small and medium enterprises and women-owned businesses, helping them grow and contribute further to Vietnam’s economy.
The $25 million financing package consists of $15 million from IFC’s own account and $10 million from BNP Paribas, Orient Commercial Bank’s foreign strategic partner. Out of this package, $5 million will be set aside for lending to businesses owned and operated by women.
“The loan will help us increase access to financing for more small and medium enterprises, especially businesses in manufacturing, export and import, trading and agricultural sectors,” said Nguyen Dinh Tung, Acting Chief Executive Officer of Orient Commercial Bank. “The global experience of IFC and BNP Paribas will enable us to help enterprises address their shortage of financial resources and deliver a resilient growth.”
This is the first time IFC is allocating separate funds for women entrepreneurs as part of a financing package to a bank in Vietnam. The loan is made under IFC’s Banking on Women Program, which helps women gain equal opportunity to access finance and strengthen their businesses.
“This is also one of our first syndicated loans to a local bank in Vietnam. It will not only help Orient Commercial Bank increase its funding base, but more importantly, introduce a new structure for international borrowing for other Vietnamese banks to follow,” said Simon Andrews, IFC Regional Manager for Vietnam, Thailand, Cambodia, and Lao PDR. “Expanding availability of finance and designing specialized lending products will promote enterprise growth, generating more jobs and higher incomes.”
IFC has partnered with Orient Commercial Bank since 2011. Through its Global Trade Finance Program, IFC has provided a trade finance facility of
up to $20 million to Orient Commercial Bank, allowing the bank to improve its risk management while providing vital funding to Vietnamese import and export enterprises.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
About Orient Commercial Joint Stock Bank
Incorporated in 1996, Orient Commercial Joint Stock Bank has 94 branches and transaction offices across Vietnam and more than 1,800 employees. Out of 16 commercial joint stock banks operating in Ho Chi Minh City, OCB is the10
largest in terms of operations and 6
largest by profit. In 2011, BNP Paribas, OCB’s strategic partner, increased its stake in the bank to 20 percent. For more information, visit