VNDirect Securities Corporation receives $100 million syndicated loan from foreign financial institutions

Maybank Kim Eng Securities Pte. Ltd. acted as sole Mandated Lead Arranger and Bookrunner (MLAB) in this deal, which launched in late May 2021 at an initial deal size of $50 million with a greenshoe option of up to $50 million.

The deal was oversubscribed with 11 banks joining with the maximum commitment of $100 million.

The deal marks the first entrance into the offshore capital market by VNDirect, a top Vietnamese stockbroker which captured about a third of newly opened stockbroking accounts in 2020. The Hanoi-based company is also well known for its digitalization initiatives, for example being the country’s first brokerage firm to have applied electronic Know Your Customer (KYC) standards.

VNDirect Securities Corporation receives $100 million syndicated loan from foreign financial institutions. Photo by: VNDirect

Commenting on the deal, Founder and Chairwoman of VNDirect, Pham Minh Huong, said that VNDirect operates under the principle of customer-centricity and has deployed an extensive range of financial products to meet the needs of all customer segments. To do that, the company needs to develop relationships in both the domestic and international capital markets.

"With the success of our debut on the international debt capital market through this exclusive partnership with Maybank Group, this deal will help VNDirect deepen its collaboration with other regional and global financial institutions, which will be working along with us in our mission to provide relevant and impactful financial products to the Vietnamese consumer."

She also stated that positive reception by offshore lenders to this deal is also a testament to VNDirect’s solid reputation in the market, paving the way for VNDirect to further access offshore liquidity to support its rapid expansion.

Malayan Banking Berhad (KLSE: MAYBANK),Malaysia’s largest financial services group, operates in all the ASEAN countries, as well as having presence in international financial centers such as London, New York, Hong Kong and Dubai.