VietinBank Securities bags $90 million syndicated loans from international banks

April 16, 2021 | 12:07
The $90 million syndicated loans, with preferential rates and support from foreign lenders, will add more fuel to VietinBank Securities’s loan advisory and financing arrangements activities.
vietinbank securities bags 90 million syndicated loans from international banks
International lenders signing the credit facility to support VietinBank Securities

VietinBank securities has received additional funding support with the recent signing of $60 million of syndicated loans, following a $30 million facility just a month ago.

On April 15, a consortium of major international lenders operating in Vietnam – Woori Bank Vietnam (Bac Ninh Branch), Taipei Fubon Commercial Bank Vietnam, and Cathay United Bank Vietnam – has inked an agreement to facilitate $60 million for the additional financial needs of VietinBank Securities.

In particular, Woori Bank Vietnam (Bac Ninh Branch) specifically provided $50 million, while Taipei Fubon and Cathay United provided $10 million altogether.

Last month, a group of four Taiwanese lenders – the Union Bank of Taiwan, Taichung Commercial Bank Co., Ltd.’s Labuan branch, Taishin International Bank, and Huanan Commercial Bank – also rolled out a $30 million syndicated loan with a 12-month tenure for VietinBank Securities.

“We firmly believe that $90 million of high-profile syndicated loans would bring about more additional capacity for us to increase our foothold in Vietnam’s equity market and access to more potential customers,” noted Ho Thi Thu Hien, chairwoman of the board at VietinBank Securities.

On the same note, Lee Myoung Ho, Woori Bank Vietnam (Bac Ninh Branch) director and chief representative, applauded the brokerage’s vast potential and how the syndicated loans could pave the way for the company to bolsters its strength thanks to the competitive capital.

“Woori Bank is one of the largest South Korean banks with extensive years of experience in providing top-notch financial services. With our vast experience, we believe in VietinBank Securities’ strong standing and impressive performance in the past year,” he told VIR.

The deal is envisaged to lay concrete foundations for the company to boost its activities related to international loan advisory and financing arrangements.

vietinbank securities bags 90 million syndicated loans from international banks

At the signing ceremony, VietinBank Securities also connected businesses in various areas, such as Novaland Group, Minh Phu Seafood Group, Viet Hung Industrial Investment JSC, Louis Agro Group JSC, and other enterprises.

As one of the eldest, most experienced seven brokerage companies in the country, VietinBank Securities – as a part of state-owned lender VietinBank – has a proven customer-centric approach, with a wide range of tailored financial services such as underwriting-capital raising, mergers and acquisitions advisory, and asset management, to name a few.

By Luu Huong

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional