ADB doubles credit limit for SeABank to US$60 million
The Southeast Asia Commercial Joint Stock Bank (SeABank) said on April 3 that the Asian Development Bank (ADB) has doubled the trade finance limit to US$60 million, and increased the US$5 million limit of the revolving loan for the bank to US$10 million.
SeABank officially joined the ADB’s Trade Finance Programme (TFP) in November 2020 which aims to support trade activities in Vietnam via loans and other financial instruments with limits of up to US$18 million for guarantees and US$5 million for revolving loans.
After nearly 8 months from the signing of the cooperation agreement, ADB agreed to enhance the guarantee limit for commercial transactions with a total transaction value of US$30 million at a given point of time, and maintain the US$5 million limit of the six-month-tenor revolving loan.
SeABank said it has effectively supported export-import activities of businesses, and stepped up trade finance transactions.
The increased guarantee limit reflects ADB's confidence and respect for SeABank in terms of reputation, transparency and capital efficiency, as well as its commitment to long-term growth.
The TFP programme combines product knowledge with financial solutions, such as quantitative research on trade finance market gaps, initiatives to strengthen women's roles in the banking sector, environmental protection measures, and anti-crime initiatives through global financial system transparency.