SCB and Hong Kong banks sign syndicated credit financing agreement

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), Sai Gon 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.

Also at the event, a strategic agreement was signed by the parties for a comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, making research and investment, especially providing credit to local and foreign enterprises.

The signing of the co-operation of syndicated credit financing to Union Square and the Strategic Co-operation Agreement opens new opportunities for comprehensive 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 VND476,000 billion (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 provinces and cities 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 centers, and 11 financial centers.