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03/04/2023
Hanoi, March 30, 2023 - The Asian Development Bank (ADB) has announced a doubling of its trade finance facility for Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) to 60 million USD, including an increase in the revolving credit limit from 5 million USD to 10 million USD. To be granted a limit to participate in this program, SeABank has met the criteria set by ADB such as Effective and healthy operation, sound risk management, transparent information, clear development orientation, and the leadership team has a strategic vision.
The increase in the trade finance facility demonstrates ADB's trust and high evaluation of SeABank's reputation, transparency, sound operations, efficient capital utilization, and commitment to sustainable development. This also helps affirm and enhance SeABank's strength in international payment and trade finance, enabling the bank to access and establish transactional relationships with more global banks.
SeABank is committed to utilizing capital most effectively to support Vietnamese enterprises, tiny and medium-sized enterprises and their supply chains, thereby contributing to economic development and job creation. The new credit limit from ADB will enable SeABank to expand its trade finance activities.
Previously, in November 2020, SeABank officially participated in the Asian Development Bank's Trade Finance Program (TFP) to support commercial activities in Vietnam by providing loans and other financial instruments, with limits of up to 18 million USD for guarantees and 5 million USD for revolving loans, helping SeABank access and establish transactional relationships with many international banks and enhance its position in the international trade finance market.
In June 2021, ADB decided to increase the guarantee limit for implementing trade transactions to a total transaction value of up to 30 million USD while continuing to provide a 5 million USD revolving credit limit for a 6-month term to SeABank. After being granted the credit limit, SeABank effectively supported the import-export activities of enterprises and boosted trade finance transactions, leading to ADB's decision to double the trade finance facility for SeABank to 60 million USD and increase the revolving credit limit to 10 million USD.
The TFP combines product knowledge with financial support solutions, including quantitative research on market gaps in trade finance, initiatives to enhance the role of women in the banking sector, efforts to strengthen environmental protection measures, and initiatives to combat crime through global financial system transparency. The TFP also organizes seminars and workshops to enhance awareness and expertise in finance, trade, risk management, and fraud prevention.
Previously, SeABank received investments and capital funding of nearly 600 million USD from the U.S. International Development Finance Corporation (DFC), the International Finance Corporation (IFC), and international investment funds to enhance financial access for small and medium-sized enterprises, especially those led by women, support green credit, and combat climate change.
