TPBank approved to invest in Viet Cat Fund Management Company

Tien Phong Commercial Joint Stock Bank (TPBank - code TPB) has announced the approval of the acquisition of Viet Cat Fund Management Joint Stock Company, aiming to become a modern financial conglomerate in Vietnam.

Specifically, on November 22, 2023, the State Bank of Vietnam approved TPBank’s capital contribution and share purchase to acquire Viet Cat Fund Management Joint Stock Company with a maximum amount of 125 billion Vietnamese dong. TPBank must complete this capital contribution and share purchase within 12 months from the approval date.

Prior to that, TPBank’s 2023 annual general meeting of shareholders approved the plan to contribute capital and purchase shares to acquire a subsidiary operating in the fund management industry. The acquisition of the fund management company is part of TPBank’s development strategy for the period of 2023-2028 and vision to 2035, aiming to become a modern financial conglomerate with coverage in banking, finance, securities, intermediary payment services, supplying diverse financial products and services on a modern, advanced technology platform, bringing the best benefits and experiences for customers.

By meeting the standards of both Basel III and IFRS 9, TPBank has become the first bank in Vietnam to simultaneously apply two strict risk management and financial reporting standards in the banking industry worldwide. In the past two consecutive years, TPBank has been the strongest bank in Vietnam according to The Asian Banker’s rankings. In 2023, Brand Finance also ranked TPBank as the Top 4 private bank with the highest brand value in Vietnam. Along with its special strengths in management, finance and strong business, TPBank believes it can fully leverage the potential of the fund management company and develop many investment products for the market, connect services, and bring long-term overall benefits to the entire system.

With the strength of being a pioneer bank in digital transformation, creating differentiated services, TPBank said it will gradually perfect and digitize the products of the fund management company, thereby integrating with the “Digital Bank” ecosystem - which is the key strategy for TPBank to move towards success.

Through more than a decade of continuous sustainable growth with results and marks that have been shaped in the market, TPBank is continuing to move forward, conquer new achievements and heights, and bring even more value to customers and partners.