Foreign banks lend US$155 million to Vietinbank
(VOV) - Two foreign banks signed a US$155 million loan agreement with the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) in Hanoi on February 4.
They are Sumitomo Mitsui Banking Corporation (SMBC) and KFW IPE-Bank in Germany.
The five-year loan which needs no the guarantee from the Government or any the third party aims to support Vietinbank operation in the first months of 2013.
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Vietinbank’s Chairman of the Board of Directors Pham Duy Hung said the bank will use the loan to prime the pump for enterprises and keep domestic projects purring along in the long run.
Christof Kuhnlein KFW Director in charge of the financial institutions, trade and commodity finance business, remarked that the loan agreement offers a new opportunity for Vietinbank to access the international capital market.