SeABank rolls up its sleeves to help SMEs

The VND2,000 billion ($95.2 million) programme would also target borrowers seeking for a soft loan to buy houses, the lender said. Under the programme, SeABank is lending half of the sum to small and medium sized enterprises (SMEs) engaging in import and export activities.

The interest rates applicable to the loans will be 2 per cent lower than the rates currently    imposed by the lenders, while lower and flexible deposit rates will also be introduced to importers and exporters opening letters of credit (L/C). A 50 per cent reduction of the money transfer fee will also be in place for users of SeABank’s electronic payment system (SeANet).

The other half will be lent to individuals at an interest rate of 17.1 per cent per year to finance their home buying and renovation needs. Particularly, borrowers will enjoy a zero interest rate for the first month of the loans.

“This programme is part of our efforts to support the State Bank of Vietnam’s monetary measures to stimulate the economy and secure banking activities in 2012,” said SeABank deputy general director Le Quoc Long.

“Given our sound financial capability, we are committed to continuously supporting businesses and individual customers with stable incomes,” he said.

Long said the programme would help importers and exporters easy their financial burdens by being able to accessing cheaper loans amid the current difficult economic conditions. At the same time, the soft loans will also be helpful for breaking the ice on the local property market.

Established in 1994, SeABank has built a chartered capital of nearly VND5,400 billion ($257 million), being one of Vietnam’s eight largest joint stock commercial banks. Société Générale, a leading retail bank in France and the Europe, holds 20 per cent of the Vietnamese lender’s stake.    

SeABank has a network of 150 transaction points and recruits over 2,000 employees.