Norfund's Investment in SeABank: A Boost for Vietnam's Economy
June 26, 2024, 4:09 am
Location: United States, District of Columbia, Washington
Employees: 201-500
Founded date: 2019
Location: United States, District of Columbia, Washington
Employees: 1001-5000
Norfund, the Norwegian Investment Fund for Developing Countries, has made a strategic move by granting a US$30 million convertible loan to Southeast Asia Commercial Joint Stock Bank (SeABank) in Vietnam. This investment aims to provide additional capital to support retail banking customers, small and medium enterprises (SMEs), and micro-enterprises in Vietnam.
SeABank's Vice Chairwoman, Ms. Le Thu Thuy, expressed that this partnership aligns with the goal of impacting Vietnam's economy growth and enhancing financial access for SeABank's SMEs and retail banking customers. The loan also supports the bank's sustainable development strategy, emphasizing the importance of long-term capital needs for SMEs.
Norfund's Regional Director (Asia), Ms. Fay Chetnakarnkul, highlighted the core mandate of financial inclusion and how it resonates with SeABank's commitment to supporting SMEs and retail banking customers in Vietnam. This partnership aims to uplift the unbanked and underbanked population in the country, providing them with much-needed financial resources.
The collaboration between Norfund and SeABank seeks to provide SMEs with additional funding sources to meet their capital demands and address the increasing financial needs of this group. With a focus on sustainable development, SeABank has received significant foreign investments totaling nearly US$600 million from institutions like IFC and DFC, enabling the bank to implement strategies for SMEs' financial access improvements, ESG practices application, and climate change mitigation.
Norfund's investment in SeABank reflects a growing trust in the bank's reputation, operational efficiency, and capital utilization efficiency. This investment not only benefits SeABank but also helps improve capacity and promote key business areas for the bank's corporate clients.
By investing in businesses in developing countries that drive sustainable development, Norfund aims to create jobs and improve lives. The Norwegian International Development Assistance budget provides the necessary funding for Norfund to support the private sector in developing countries and reduce poverty.
Overall, Norfund's investment in SeABank is a significant step towards boosting Vietnam's economy, providing much-needed financial support to SMEs and retail banking customers, and promoting sustainable development in the region.
SeABank's Vice Chairwoman, Ms. Le Thu Thuy, expressed that this partnership aligns with the goal of impacting Vietnam's economy growth and enhancing financial access for SeABank's SMEs and retail banking customers. The loan also supports the bank's sustainable development strategy, emphasizing the importance of long-term capital needs for SMEs.
Norfund's Regional Director (Asia), Ms. Fay Chetnakarnkul, highlighted the core mandate of financial inclusion and how it resonates with SeABank's commitment to supporting SMEs and retail banking customers in Vietnam. This partnership aims to uplift the unbanked and underbanked population in the country, providing them with much-needed financial resources.
The collaboration between Norfund and SeABank seeks to provide SMEs with additional funding sources to meet their capital demands and address the increasing financial needs of this group. With a focus on sustainable development, SeABank has received significant foreign investments totaling nearly US$600 million from institutions like IFC and DFC, enabling the bank to implement strategies for SMEs' financial access improvements, ESG practices application, and climate change mitigation.
Norfund's investment in SeABank reflects a growing trust in the bank's reputation, operational efficiency, and capital utilization efficiency. This investment not only benefits SeABank but also helps improve capacity and promote key business areas for the bank's corporate clients.
By investing in businesses in developing countries that drive sustainable development, Norfund aims to create jobs and improve lives. The Norwegian International Development Assistance budget provides the necessary funding for Norfund to support the private sector in developing countries and reduce poverty.
Overall, Norfund's investment in SeABank is a significant step towards boosting Vietnam's economy, providing much-needed financial support to SMEs and retail banking customers, and promoting sustainable development in the region.