Saigon Asset Management (SAM) announced a signed finance agreement for a US$200 million loan between U.S. International Development Finance Corporation (DFC) and Southeast Asia Commercial Joint Stock Bank. SAM acted as the exclusive financial advisor to SeABank.
With support from DFC, SeABank will enhance its financial capability to carry out projects targeting women-owned SMEs, dealing with the credit gap between the addressable demand of the market and the existing supply in the economy.
The bank is committed to international standards while continuously improving its environmental and management system, as well as policies to help address climate issues.
"DFC and SeABank share a commitment to support socioeconomic development while minimizing related carbon emissions and environmental impact. We are grateful for the support of DFC, which helps facilitate our development and sustainability strategies of creating long-lasting values and prosperity for the community," SeABank's Vice Chairwoman of the Board of Directors Le Thu Thuy said.
Prior to DFC, International Finance Corporation (IFC) also granted a US$75 million investment in the form of a convertible loan to SeABank.
The bank has also received a financial package of US$ 220 million from IFC and five (5) international investment funds, including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KasikornBank, OPEC, and ResponsAbility Investments AG to provide financial assistance to SMEs, women-owned SMEs and addressing climate change.
“Vietnam remains a key high-growth developing country in Southeast Asia, and developmental impact financing such as this major transaction from DFC is needed to support SMEs, women-owned businesses, and energy efficiency-related projects.
Moreover, developmental impact financing is essential in driving the focus towards the ICT sector to enhance economic activity and quality of life, using technology to expand access to healthcare, education, and food, making businesses more efficient and secure,” said Louis Nguyen, Chairman, and CEO of SAM.
“This milestone marks the first time the U.S. government provides financial support to the private sector in Vietnam, which is a significant step for all of us. We congratulate SeABank and highly appreciate DFC’s effort.”