IFC acquires 5% stake in TPBankTienPhong Bank (TPBank) announced on August 26 in Ha Noi that IFC was its new shareholder after making a quasi-equity investment of VND403.1 billion (US$18.35 million) in dividend preferred shares. IFC, a member of the World Bank Group acquires nearly 5 per cent stake in the bank and make it the sixth largest shareholder in TPBank on August 26. This will allow IFC, a member of the World Bank Group, to acquire nearly 5 per cent stake in the bank and make it the sixth largest shareholder in TPBank. To date, IFC has supported $40 million worth of trade transactions processed by TPBank for Vietnamese importers and exporters. Together with the investment in TPBank, IFC would support greater access to finance for the private sector by boosting lending capacity and strengthening operations of local banks in developing economies.

Source: VietNamNet News August 27, 2016 00:33 UTC