SCB and Hong Kong banks sign the cooperation agreement on syndicated credit financing

10:29 | 21/08/2018

Saigon Joint Stock Commercial Bank (SCB) and three banks from Hong Kong committed to mutually provide credit and ensure a stable financing source for Union Square to foster its business operations.

scb and hong kong banks sign the cooperation agreement on syndicated credit financing
The signing ceremony between SCB and the three banks from Hong Kong

On August 20, 2018, in Ho Chi Minh City, within the framework of the investment promotion event held by the Vietnam Chamber of Commerce and Industry (VCCI) in coordination with Hong Kong Trade Development Council (HKTDC), Saigon Joint Stock Commercial Bank (SCB) and three banks from Hong Kong—including Hang Seng Bank Limited, Chong Hing Bank Limited, and The Bank of East Asia Limited—signed a co-operation agreement of syndicated credit financing to Union Square Company Limited, which operates in the field of real estate.

Accordingly, SCB and these banks commit to support financial investment and ensure a stable financing source for Union Square to foster its business.

The signing of the co-operation of syndicated credit financing to Union Square opens new opportunities for co-operation, development, and experience sharing among SCB and the three big banks in diversifying financial services, exploiting all potentials, increasing business efficiency, and enhancing their status on the financial market. This event is also an important milestone to meet the capital needs and support the economic development of the country.

Established in 1992, after 26 years of operation, SCB is now among the five biggest private commercial banks in Vietnam with total assets of VND476 trillion (more than $20 billion), and a charter capital of VND14.295 trillion ($630 million) as of the end of the second quarter of 2018. Its network covers 28 cities and provinces in major economic zones with nearly 6,000 employees.

With strong financial potential, rapid growth rate, modern technology background, diversified product portfolio, and gradually increasing service quality, SCB is projected to become one of the most trusted and versatile retail banks in Vietnam, providing all-in-one financial solutions to customers.

Meanwhile, Hang Seng Bank Limited, established in 1933, is one of four Asian banks listed in the top strongest banks in the world for five consecutive years. In 2014 and 2015, this bank maintained its leading position, surpassing other European and American banks with the 270-transaction-unit network in Hong Kong.

Chong Hing Bank Limited, established in 1948 with 39 branches in Hong Kong, provides a variety of banking services to personal and corporate customers, including Hong Kong dollars and foreign deposits, credit, asset management, investment, securities, insurance and other commercial banking products.

The Bank of East Asia Limited (BEA), established in 1918, is a group of leading financial services in Hong Kong, meeting the demands of customers in China and the world, with consolidated total assets of 808.9 billion HKD ($103.5 billion). BEA also owns one of the largest networks in Hong Kong with 70 branches, 54 Supreme Gold centres, and 11 financial centres.

By Hong Dung

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