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On 21 February 2017, the State Bank of Vietnam issued the Official Document No. 946/NHNN-TTGSNH on the principle approval for the conversion of BIDV Financial Leasing Company (BLC) from a one-member limited liability company 100 percent owned by BIDV into BIDV - SuMi TRUST Financial Leasing Company (BSL). Under the new model, Sumitomo Mitsui Trust Bank (SMTB) will own 49 percent of the charter capital.

​SMTB is the largest trust bank in Japan with total assets of 59,479 billion yen (equivalent to USD585.4 billion) and total shareholders’ equity of 2,022 billion yen (equivalent to USD19.9 billion) as of 30 September 2016. BIDV entered into a strategic partnership with SMTB in 2013. Accordingly, BIDV and SMTB have partnered to research and develop business projects, as well as cooperating in training and technology transfer.

Following nearly two years of market research and opportunity seeking, both parties realised the strategic partnership by signing a cooperation agreement on financial leasing on 29 April 2016 in Hanoi. Under the agreement, BIDV transferred its 49 percent ownership of charter capital of BLC to SMTB, converting BLC into BSL, raising the company’s charter capital from VND448 billion to VND896 billion that helps improve its financial capacity to meet the needs of business development in the upcoming period.

By adopting the new business model and benefiting from BIDV in utilising its wide network to implement a cross-selling model, and from SMTB in establishing relationships with suppliers of Japanese leading brands, BSL will launch its competitive financial leasing products to the market. Both banks also bring to the company technological know-how, capital, and an extensive Japanese/Vietnamese customer base.

BSL is the first leasing company in Vietnam to apply the joint venture model between a domestic commercial bank and a foreign financial institution. The launch of BSL will add an important financial product to BIDV’s product portfolio, enabling the system to better satisfy the diverse needs of customers in credit, insurance, financial leasing, and securities.

For more information, please contact:

Branding and Public Relations

Bank for Investment and Development of Vietnam JSC (BIDV)

Tel: +844. 22205256; Fax: +844. 22225316