SeABank secures $30 million convertible loan from Norfund

This loan will provide additional capital to support small and medium-sized enterprises (SMEs), micro enterprises, and individual customers in Vietnam, with the option to convert the loan into SeABank common shares within four years.

This agreement marks the start of a strategic partnership between SeABank and Norfund, aimed at promoting economic growth and financial inclusion in Vietnam.

“This collaboration will enable us to enhance our support for SMEs and micro enterprises, meeting long-term capital needs for business development and addressing the growing demand for consumer loans,” a SeABank representative stated.

The bank also plans to focus on extending its services to unbanked and under-banked populations in Vietnam.

The $30 million convertible loan from Norfund raises SeABank's total capital raised from international institutions to $850 million, including funding from global financial entities and other financial funds.

“The confidence shown by international organisations in SeABank’s operational efficiency and reputation is a testament to our robust financial management,” the representative added.

With this new capital, SeABank will continue to offer flexible financial solutions, optimise capital utilisation, and diversify its products and services to meet the specific needs of various customer segments. The bank will focus particularly on SMEs, especially those led by women, micro-enterprises, and individual customers.

Norfund, the Norwegian government's investment fund for developing countries, is dedicated to creating jobs and improving livelihoods through investments in businesses that drive sustainable development.

As a key tool of the Norwegian government for strengthening the private sector in developing countries and reducing poverty, Norfund's committed portfolio totals $3.6 billion, with investments focused on Sub-Saharan Africa, South Asia, Southeast Asia, and Latin America.

The fund concentrates on four key investment areas: renewable energy, financial inclusion, scalable enterprises, and green infrastructure.

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