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BIDV – SuMi TRUST Financial Leasing Company (BSL) was formed through the conversion of BIDV Financial Leasing Company (BLC) – a one-member limited liability company 100% owned by BIDV.

BSL has charter capital of VND895.6 billion and operates as a full-fledge financial leasing company under Vietnamese regulations. Under the new formation, Sumitomo Mitsui TRUST Bank (SMTB) will own 49 percent of the charter capital and BIDV will own 50 percent.

BSL is the first leasing company in Vietnam to apply the joint venture model between a domestic commercial bank and a foreign financial institution. The launch of BSL will add an important financial product to BIDV’s product portfolio, enabling the system to better satisfy the diverse needs of customers in credit, insurance, financial leasing, and securities.

BIDV is the leading financial institution in Vietnam established in 1957. By the end of 2016, the bank’s total assets reached over VND1 quadrillion (approximately USD50 billion), the highest amongst Vietnamese commercial banks.

SMTB is the largest trust bank in Japan, with total assets of 59,479 billion yen (equivalent to USD585.4 billion) and total shareholders’ equity of 2,022 billion yen (equivalent to USD19.9 billion) as of 31 December 2016. SMTB has a history of over 90 years, with 132 branches, 17 domestic offices and nine branches and representative offices in overseas countries including the UK, US, Singapore, China, South Korea and Indonesia.

BIDV has entered into a strategic partnership with SMTB since 2013. BIDV and SMTB have partnered to research and develop business projects, as well as cooperating in training and technology transfer.