PANO - The Military Commercial Joint Stock Bank (MB) of Vietnam and Japan’s Shinsei Bank have signed  joint venture and equity-transfer agreements, under which MB will transfer 49% of its capital at MCredit to the Japanese partner.

MB Bank has owned 100% of capital at MCredit – its finance affiliate specializing in consumer credit, after completing a merger with the Song Da Finance Joint Stock Company.

At the signing ceremony

Under the agreement, both parties are expected to set up a joint venture in consumer finance in 2017, the MB Shinsei Consumer Finance Co. Ltd.

Le Huu Duc, Chairman of MB Bank’s Management Board, said that the agreement with Shinsei Bank would be a key factor in MCredit’s successful operation, based on Shinsei’s modern technologies and diverse experience in consumer finance. He confirmed this project will not only benefit MB and Shinsei Bank, but also contribute to building a healthy system of credit institutions in Vietnam and enhancing sustainable economic cooperation between both countries.

Japan’s Shinsei Bank operates in banking, investment and insurance, with more than 50 years of experience in consumer finance through its subsidiary company, Shinsei Financial (SF), which ranks third in terms of consumer finance and is one of the leading companies for technological solutions in the Japanese market.

MB Bank is a financial group with a network of more than 250 transaction points nationwide, two foreign branches in Laos and Cambodia, and subsidiaries in the areas of securities, insurance, funds and asset management.

Translated by Lan Phuong