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  Banking Finance

Vietcombank sign $150 million loan agreement with Bank of Austria

Banking sources released that Vietcombank has signed a loan agreement of $150 million with Austria’s Raiffeisen Zentralbank Osterreich AG (RZB), under which RZB agree to lend U$150 million to the Bank for Foreign Trade of Vietnam, with term of five years.

Officials from Vietcombank said the agreement would enhance the bank’s financial resources for better corporate lending, especially over the medium and long term.

They said the demand for medium and long term credit from domestic enterprises was on the rise, while local deposit mobilization remained limited.

According to Vu Viet Ngoan General Director of Vietcombank the agreement was the result of ling-standing and effective cooperation between Vietnamese and Austrian banks, two countries separated by geographical distance but with close bilateral relationship.

It was also an evidence of the spirit of Asem 5. Officials said with this loan and others in future, Vietcombank would be able to restructure step-by-step and optimize its funding base, creating a firm foundation for sustainable development.

“I strongly believe that with RZB’s potential and Vietcombnak’s market position, the close cooperation between the two banks will contribute to Vietnam’s economic development as well as enhance the friendship between the two countries”, Ngoan said.

General Manager of RZB Singapore, Rainer Silhavy, said Vietcombank and RZB established their cooperation in 1978 when Vietnam Austria trade ties were renewed. He said Vietnam’s opening of its economy in 1987 strengthened the relationship between the two banks.

VNS - (12/10/2004)

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