HANOI, Vietnam, June 20, 2024 /PRNewswire/ -- Norfund, the
Norwegian Investment Fund for Developing Countries, has decided to
invest US$30 million to Southeast
Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) in form
of a convertible loan. The loan can be converted into common shares
of SeABank within 4-year term, aiming at providing additional
capital to support retail banking customers, small and medium
enterprises (SMEs) and micro-enterprises in Vietnam.
Norfund is an investment fund owned and funded by Norwegian
Government that works to create jobs and improve lives by investing
in businesses in developing countries that drive sustainable
development. Norfund is fully funded by the Norwegian International
Development Assistance budget - Government's most important tool
for strengthening the private sector in developing countries and
for reducing poverty.
Ms. Le Thu Thuy – Vice Chairwoman
of the BOD, SeABank shares: "The partnership shares our joint
purpose of impacting Vietnamese economy growth in general, while
enhancing financial access for SeABank's SMEs and retail banking
customers in particular. The loan also supports the Bank's
sustainable development strategy to the utmost in the upcoming
period."
Ms. Fay Chetnakarnkul – Regional Director (Asia), Norfund said: "Financial inclusion
is Norfund's core mandate and is aligned with SeABank's strong
commitment to finance and support retail banking customers and SMEs
in Vietnam. The partnership will
look to be a catalyst to help uplift the unbanked and underbanked
in the country."
The cooperation aims to provide SMEs with additional financial
sources to fulfill their long-term capital demands. The Bank also
has additional capital for retail lending, considering the
increasing financial needs of this group.
Previously, SeABank has continuously received foreign
investments totaling nearly US$600
million from prestigious institutions like IFC, DFC, etc.
These aim to accelerate the Bank's sustainable development
strategies focusing on: SMEs financial access improvements, ESG
practices application, and climate change mitigation. International
funding, together with available capacity, has enabled SeABank to
deliver flexible financial solutions and strongly support SMEs,
especially women-owned SMEs, in capital use optimization. Besides,
SeABank prioritizes disbursements for green credit and climate
change mitigation projects as well as green mortgages for
individual customers buying houses with green-building
certificates, thereby posing positive impacts on the socio-economy
and environment.
Norfund's investment has demonstrated the increasing trust,
affirming SeABank's reputation, operational efficiency, and capital
utilization efficiency. This also helps SeABank's corporate
customers improve capacity and promote key business areas
effectively.
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