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20/06/2024
Hanoi, June 14, 2024 - 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 support efficient and sustainable businesses in developing countries. Its mission is to create jobs and improve lives by investing in businesses that promote sustainable development. Norfund is fully funded by the Norwegian International Development Assistance budget. This is the 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 between SeABank and Norfund shares the 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. Norfund and SeABank’s partnership will look to be a catalyst to help uplift the unbanked and underbanked in the country.”
The cooperation between Norfund and SeABank will provide Vietnamese SMEs in general, and SeABank’s customers in particular, with additional sources of finance to fulfill their long-term capital demands. The Bank also has additional capital for individual lending, considering the increasing financial needs of this group.
Previously, SeABank has received continuous investments from prestigious international financial institutions such as IFC, DFC, etc. with a total value of nearly US$600 million. These investments aim to accelerate the Bank’s sustainable development strategies that focus on: improving financial access for SMEs, especially women-owned SMEs; promoting the application of the best international ESG practices; and mitigating climate change. International funding, together with the Bank’s available capacity, has enabled SeABank to deliver flexible financial solutions and to 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.
The new investment from Norfund has demonstrated the increasing trusts of international credit institutions for SeABank; affirming the Bank’s reputation, operational efficiency, and capital utilization efficiency. This also helps SeABank's corporate customers improve capacity and promote key business areas effectively.
About Norfund
Norfund’s committed portfolio totals 3.6 billion USD in Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund has four investment areas: Renewable Energy, Financial Inclusion, Scalable Enterprises and Green Infrastructure. For more information, please visit: www.norfund.no
About SeABank
Norfund is the Norwegian Investment Fund for developing countries. Our mission is to create jobs and to improve lives by investing in businesses that drive sustainable development. Norfund is owned and funded by the Norwegian Government and is the Government’s most important tool for strengthening the private sector in developing countries, and for reducing poverty.
Established in 1994, SeABank is one of the leading joint stock commercial banks in Vietnam with more than 3 million customers, nearly 5,500 employees and 181 transaction points nationwide. SeABank is working to become a typical retail bank with its customer-centric strategy by providing a diverse system of financial products and services for individuals, SMEs and large enterprises. SeABank is considered as one of the pillars in the Vietnamese banking system with a charter capital of VND24,957 billion, Ba3 ratings by Moody's in many important categories, and is one of the pioneered banks to implement and apply Basel III framework.
According to its "Digital Convergence" development strategy, SeABank focuses on digitalizing products and services, applying technology in internal operations, and investing in developing modern technological infrastructures. Thereby, the Bank could optimize procedures, increase operational efficiency, and bring customers a different experience on digital banking services, aiming to become the favorite retail bank in Vietnam.
For more information, please visit: www.seabank.com.vn
