Vietcombank, Italian Bank Sign US$100 Mln Loan

Vietcombank, the leading forex bank in Vietnam, signed a contract on a US$100 million loan with the Italian bank Intesa Sanpaolo July 2 in Hanoi.

 

The three-year loan, of which 70 per cent is guaranteed by the Italian credit insurer SACE, will contribute remarkably to mid-term foreign currency funds of Vietcombank to serve its development targets, the paper said.

 

It is of significance in boosting trade relations between Italy and Vietnam by assisting Italian businesses to enter the Southeast Asian market, according to the Intesa Sanpaolo representative.

 

The Italian bank also said it has asked local authorities clearance to its first representation office in Vietnam.

 

Hanoi-based unlisted Vietcombank-the country&rsquos third biggest state-owned bank-said its total assets at the of June had risen 3 per cent from the of 2007 to VND203 trillion (US$12.3 billion), US$5.3 billion of which were in foreign currency funds. (Vietnam & World Economy, Vietnam Banking Times)