RELEASED DATE 05 Sep 2012
August 2012, the international credit rating agency, Standard & Poors (S & P) had revised and annouced its credit opinion on The Bank for Investment and Development of Vietnam (BIDV) in 2012.
As result, BIDV credit rating in 2012 remains the same as current rating with stable general outlook. As follows:
• Stand alone Credit Profile: b
• Issuer Credit rating- Long term: B +
• Issuer Credit rating- Short term: B
• Outlook: Stable
This is a positive and remarkable result given the context of the financial crisis and global recession haven't shown much signs of improvement, there are still many difficulties in the Vietnam economy and its banking system.
S&P's credit rating on BIDV confirmed the Bank business position in Vietnam, thanks to its strong business franchise and good domestic geographic reach. BIDV is the third-largest domestic bank by assets with about 10% share of the system's total loans and 9% share of deposits. BIDV has third-largest branch network in Vietnam with presence in 63 provinces. The bank also has the advantage of access to funding from the government and international lending organizations for developmental projects.
Stable outlook reflects S & P's forecast of the Bank will maintain its financial capacity amidst many challenges in the business environment of Vietnam and improve its risk management system.
In 2012, BIDV, known as the first enterprise in Vietnam rated by an international credit rating agency, takes the third successive year of credit ratings by S&P and Moody, thereby confirming its commitments for financial transparency and compliance with international standards.
BIDV is the oldest commercial bank in Vietnam with the 55-year history of development. As at 30 June 2012, BIDV’s total assets reached VND 444 trillion with 118 branches and about 500 transaction points nationwide.
For further information, please go to BIDV’s website at www.bidv.com.vn