Sacombank is chosen to receive the credit facility because of its leading position in Vietnam’s banking sector, having a chartered capital exceeding VND9,179 billion, equity capital of VND13,957 billion, operating over 370 transaction points and served by 8,507 staff.

With an enhanced Tier-2 capital, Sacombank is able to increase its loan portfolio thereby generating higher returns to shareholders. In turn, the economic development of Vietnam is supported through the credit facility. This is another key milestone of Sacombank.

The credit disbursement has two tranches. The first tranche of US$95 million will be disbursed in QII 2011 while the second tranche of US$55 million will be disbursed at year-end 2011. The bank is happy to note that the capital enhancement facility comes with a package of technical assistance which Sacombank shall deploy to ensure maximum effectiveness.

The signing ceremony was attended by Sir Stale Risa (Ambassador of Norway in Vietnam), Mr. Jurgen Rigterink (Senior Investment Director of FMO), representatives of Proparco, Norfund, BIO, DEG, and FMO and Sacombank top management.

About Sacombank

Since its incorporation in 1991, Sacombank has worked diligently to assume its leading position in the Vietnam banking sector. It is the first Vietnamese bank to expand to Laos and Cambodia, and the number of transaction offices reached 371. Since its public-listing 2006, Sacombank has received more than VND1,420 billion and US$215 million of equity from FMO, Proparco, IFC, ADB, among others.

About FMO

Established in 1970, FMO is a leading international financial institution specializing in development assistance. Its mission is to assist private sector development in Asia, Africa, Latin America, Middle and Eastern Europe. At present, FMO is operating in 40 emerging and developing countries. Having relationships with many enterprises as well as financial institutions, FMO is the global bridge between demand and supply of funds.