The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has secured a loan worth 120 million EUR (155 million USD) from Sumitomo Mitsui Banking Corporation (SMBC) and German Development Bank (KFW) to realise its faster growth in 2013.
The Vietnam Joint Stock Commercial Bank for Industry and Trade(VietinBank) has secured a loan worth 120 million EUR (155 millionUSD) from Sumitomo Mitsui Banking Corporation (SMBC) and GermanDevelopment Bank (KFW) to realise its faster growth in 2013.
Under an agreement signed in Hanoi on February 4, VietinBank wasnot required to have a guarantee from the Government or a third partyfor this five-year loan, which is included in the export financeprogram of Euler Hermes, Germany .
According to aVietinBank executive, in the wake of disadvantaged macro economicsituation and difficulties facing Vietnamese commercial banks, EulerHermes still agreed to insure up to 85% of the loan based on itsevaluations of VietinBank’s financials, business operation, andcredit-worthiness.
Pham Huy Hung, Chairman of the Board ofManagement of VietinBank, said the loan will significantly help the bankassist local production and business activities in the long run.
The combination of VietinBank’s strong development potential and thetwo giant banks’ expertise is expected to create growths for the banksand particularly Vietnam’s banking-financial market.-VNA
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