Indovina Issues US$30Mln Bills of Exchange
Indovina, joint venture between Industrial and Commercial Bank of Vietnam (Incombank) and Taiwanese Cathay United Bank, has officially issued US$30 million worth of bills of exchange, in US dollars, with attractive interest rates.
The bills of exchange are available at a minimum face value of US$500 to individuals and US$10,000 to institutions.
Indivina fixes the interest rate at 4.4 per cent a year for three-month terms, 4.75 per cent a year for six-month terms and 5.2 per cent a year for 360-day terms.
Additionally, on this occasion the bank presents gold to individuals holding bills of exchange worth US$30,000 with a 360-day term and US$50,000 with a six-month term.
Indovina also awards many gifts to buyers of bills of exchange.
Clients can use these debt papers to borrow money from Indovina with preferential interest rates.
Reportedly, Indovina has approval from the State Bank of Vietnam to increase its registered capital from current US$25 million to US$35 million.
By mid-2006, Indovina Bank had total assets of more than VND5 trillion (US$312.5 million), total lending balance of over VND4 trillion and total deposits of VND4.2 trillion.
Vietnam Economic Times, Youth
Vietnamese
