On August 13, 2024, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) and The Norwegian Investment Fund for developing countries (Norfund) - the Norwegian Government's investment fund for developing countries officially signed a convertible loan contract worth 30 million USD. 
SeABank and Norfund sign a convertible loan contract worth 30 million USD
The loan is intended to supplement capital to support small and medium enterprises (SMEs), individual customers, and micro-enterprises in
Vietnam and can be converted into common shares of SeABank within 4 years. The signing between SeABank and Norfund marks the beginning of a cooperative relationship, sharing the goal of promoting economic growth and financial inclusion by supporting Vietnamese enterprises and the Bank's customers to access capital, thereby improving capacity, focusing on promoting key business areas. With this convertible loan, SeABank will have more resources to support Vietnamese SMEs and micro-enterprises to access finance, meeting long-term capital needs for business development of enterprises; supporting the increasing demand for consumer loans of individual customers. In addition, the Bank will also focus on promoting programs and policies to reach unbanked and underserved populations in Vietnam. Speaking at the ceremony, Ms. Fay Chetnakarnkul - Regional Director for Asia, Norfund shared: “Norfund and SeABank share the goal of promoting Vietnam's economic growth, focusing on financial inclusion for SMEs, micro-enterprises and individual customers. These are the groups that drive Vietnam's economic growth and are also the target groups that we hope to support. We expect that the cooperation between the two sides will bring about progress in financial inclusion in Vietnam.” Ms. Le Thu Thuy - Vice Chairwoman of SeABank's Board of Directors said: “On the path to sustainable development, SeABank always strives to ensure equal opportunities for all individuals and businesses to access appropriate financial resources, thereby expanding production and business, improving living standards and creating momentum for the economy. Norfund's support is of great significance to this journey, and is a driving force to help SeABank move closer to the Bank's sustainable development goals". The convertible loan worth 30 million USD from Norfund has increased SeABank's total capital mobilized from international organizations to 850 million USD, including loans, credits, and trade finance from many prestigious international financial organizations such as DFC, IFC and 5 financial funds... This shows that international organizations increasingly trust in SeABank's reputation, operational efficiency, and capital efficiency. With this capital combined with internal capacity, SeABank will continue to provide many flexible financial solutions, optimize the use of capital, promote the diversification of products and services in the direction of "tailoring" for each subject, focusing on the SME segment, especially women-owned SMEs, micro-enterprises and individual customers.
| Norfund is the Norwegian Government Investment Fund for developing countries. Norfund's mission is to create jobs and improve lives by investing in businesses that promote sustainable development. Norfund is owned and financed by the Norwegian Government and is the Government's most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund's total committed portfolio is USD 3.6 billion in Sub-Saharan Africa, South Asia, Southeast Asia and Latin America. Norfund focuses on four investment areas: Renewable Energy, Financial Inclusion, Scalable Enterprises and Green Infrastructure. For more information, please visit: www.norfund.no |
| Established in 1994, SeABank is one of the leading joint stock commercial banks in Vietnam with more than 3 million customers, nearly 5,500 employees and 181 transaction points nationwide. SeABank's goal is to become a typical retail bank with a customer-centric strategy by providing a diverse system of financial products and services to individuals, small businesses and large enterprises. SeABank is considered one of the pillars in the banking system with a charter capital of VND 24,957 billion, ranked Ba3 by Moody's in many important categories, and is one of the first banks to implement Basel III international risk management standards. According to the development strategy of "Digital Convergence", SeABank focuses on digitizing products and services as well as applying technology in internal operations and investing in building modern technology infrastructure to optimize processes, increase operational efficiency, bring customers a different experience of digital banking services, aiming to become the most favorite retail bank. |
Source: https://baodautu.vn/seabank-va-norfund-ky-ket-hop-dong-khoan-vay-chuyen-doi-tri-gia-30-trieu-usd-d222386.html 
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