Fitch asserts positive outlook on Standard Chartered Vietnam

December 22, 2021 | 18:22

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Fitch Ratings has asserted the outlook on Standard Chartered Bank Vietnam Ltd. (SCB) as positive with SCB’s long-term foreign and local currency issuer default ratings at BB and BBB- respectively

Fitch’s ratings are driven by institutional support from all shareholders. These ratings are capped by a potentially higher country ceiling should the sovereign rating be upgraded.

“As an international bank with 117 years of history in Vietnam, the country has been one of the key markets in our global footprint. The ratings from Fitch have reaffirmed us as a strong partner to Vietnam and to our clients as they seek to meet their growth ambitions. We will continue to contribute to Vietnam’s sustainable development journey to secure a prosperous future for the people and the communities,” said Michele Wee, CEO of SCB Vietnam.

SCB increased its charter capital to over $300 million, the third capital injection since 2018, reinforcing the bank’s long-term commitment to the country. With regards to endeavours for a sustainable green future, at COP26, the bank signed three MoU worth up to $8.5 billion in sustainable financing for three Vietnamese businesses to support their sustainability goals.

By the end of 2024, SCB commits to providing $75 billion towards sustainable development goals (including $40 billion of project financing services for infrastructure that promote sustainable development and $35 billion for renewables and clean-tech projects).

By Standard Chartered

What the stars mean:

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