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IFC Investment to Support Distressed Assets Resolution in Emerging Markets in Asia


In Hong Kong:
Andrew Mak
Phone: +852 2509 8110
E-mail: AMak@ifc.org

In Washington, D.C.:
Lotte Pang
Phone: +1 202 758 4290
E-mail: LPang@ifc.org


Bangkok, May 9, 2008—IFC, a member of the World Bank Group, today announced that it will invest equity in Thailand’s ACAP Advisory Public Company, one of the largest independent nonperforming loans asset management and servicing firms in Southeast Asia. IFC will work with ACAP to develop an effective market for distressed debt in East Asia to help improve the credit culture, ensure effective use of assets, and increase transparency at financial institutions.

IFC’s 5 percent equity stake will support ACAP’s expansion into new markets, particularly those where distressed debt markets are at an early stage. This complements similar investments in the region, including in China and the Philippines.
 
Vivat Vithoontien, ACAP’s CEO and Founder, said, “We are delighted to welcome IFC as a partner. This is a milestone in affirming our position as an established player in Asia’s financial sector. Working with IFC and other partners, we will leverage our joint credentials to expand and diversify our business and pursue many opportunities in the region.”

Richard Ranken, IFC Director for East Asia and Pacific, said, “IFC’s track record and regional reach, combined with ACAP's expertise in dealing with nonperforming loans, should prove valuable in developing distressed asset resolution in East Asian emerging markets.”

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About ACAP
ACAP began providing financial advisory services to corporate clients in 2001, focusing on innovative solutions tailored to its clients needs. The company has since diversified its services to include nonperforming asset management and consumer financing. ACAP initiated its nonperforming loans management business in 2004, and it is now among the largest independent NPL asset management and servicing firms in Southeast Asia. It currently manages NPLs amounting to about 80 billion Thai baht in Thailand and Malaysia. ACAP has offices in Bangkok and Kuala Lumpur as well as 10 consumer finance branches throughout Thailand.

ACAP Contacts:
Dr. Vivat Vithoontien
Phone: +66 2 694 4999
E-mail: vivat_V@acap-asset.com