FE Credit signs $50-million loan facility with Lion Asia
FE Credit signs $50-million loan facility with Lion Asia
On January 23, 2018 FE Credit completed a loan procedure with Lion Asia I (RB) Limited (Lion Asia). This $50-million loan has provided FE Credit with additional capital to continue to grow its business as the market leader in the Vietnamese consumer finance industry and to broaden its ability to meet the financial demands of millions of Vietnamese people.
Lion Asia acted as Facility Agent for this $50 million loan facility. Lion Asia is an entity established in the British Virgin Islands and is 100 per cent owned by Lending Ark Asia Secured Private Debt Fund (the Fund).
The fund has been established by Lending Ark Asia Secured Private Debt Holdings Limited (Lending Ark Asia), a market leader in complex, innovative secured private credit lending across the Asia-Pacific region.
As one of the few pioneers in the consumer finance industry in Vietnam, after seven years, FE Credit has established a solid foundation to become the market leader with business practices that compare favorably with the best in the world.
Currently, FE Credit holds nearly 50 per cent of the market share in the consumer finance industry in Vietnam.
“This co-operation continues to re-affirm our brand value and the operational excellence of our business in meeting the highest levels of international standards. This loan faciliates the growth of our business in the future by providing solutions to the needs of millions of people across Vietnam who are not currently served well by banks, with better financial products and services," Kalidas Ghose, vice chairman and CEO of FE Credit, said. "Also, this cooperation demonstrates the trust that international partners have in the sustainable vision of FE Credit and the commitment of its shareholders as well as management going forward.”
Gregory Park, managing director-fund head, representative of Lion Asia, said: “It is a great honour to announce the successful completion of our $50 million loan facility for FE Credit. With the tremendous support of the State Bank of Vietnam, the exceptional efforts of VPBANK Securities, and FE Credit’s hard work, the entire working team were able to swiftly complete this co-operation."
"We believe that with its strong management team serving the expanding consumer finance market of Vietnam's 95 million citizens, FE Credit makes its business an example of great success in the global financial markets,” Park added.
