VietinBank Securities – the brokerage arm of state-owned VietinBank – today successfully wrapped up a mortgage loan agreement of roughly $30 million with a group of four international banks from Taiwan.
|VietinBank Securities will use the syndicated loan to expand business |
The syndicated loan comes from four lenders, namely Union Bank of Taiwan, Taichung Commercial Bank Co., Ltd. – Labuan Branch, Taishin International Bank, and Huanan Commercial Bank.
The negotiations for the loan only began at the end of 2020 and was completed swiftly despite the lingering uncertainties of the pandemic. The $30 million deal has a 12-month tenure with reasonable costs.
The syndicated loan facilities are expected to fund the brokerage’s future operations and business expansion plan in the fast-growing Vietnamese equity market.
VietinBank Securities is one of the seven oldest securities firms in Vietnam. As of December 2020, the company’s charter capital reached VND1.064 trillion ($46.26 million), with total assets of VND4.273 trillion ($185.8 million).
This deal paves the way for VietinBank Securities to boost its activities related to international loan advisory and financing arrangements.