BIDV looks to Eastern Europe

March 04, 2013 | 14:51

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Two prominent banks, Vietnam’s BIDV and Eastern Europe’s IIB, have signed comprehensive cooperative agreement in many business activities, especially credit and syndicated loan.

Specifically, Bank for Investment and Development of Vietnam (BIDV) will cooperate with the International Investment Bank (IIB), an institution headquartered in Moscow, in information exchange, training, research, credit and project loans, and in processing transactions on financial and capital market.

IIB will lend to BIDV a medium and long-term loan of Euro 50 million ($65 million) for investment projects finance and trade finance. The two parties also pledged to implement priority deposits and foreign exchange transactions.

The cooperation between IIB and BIDV is to specify the areas of cooperation and further stimulate the long-standing relationships, promoting bilateral trade between Eastern European countries and Vietnam.

The International Investment Bank is an international financial organisation which was founded in 1970 and commenced its operations on January 1, 1971. IIB participates in the syndicated lending of the investment projects, of the member-states on the bilateral and multilateral basis.

IIB’s partners come from many countries such as Eurasian Development Bank, Bulgarian Development Bank, Eximbank of Slovakia, European Bank for Reconstruction and Development, Vietnam-Russia Joint Venture Bank, as well as other international institutions for development, national banks of member-states.