HCMC, 30 Mar 2011: Sacombank signed a memorandum of understanding with a consortium of international financial institutions led by FMO and participated by Norfund, Proparco BIO and DEG. The memorandum provides a Tier-2 Capital Enhancement Facility of USD150 million to Sacombank. The tenor of the credit facility is 10 years. According to the memorandum, FMO shall provide a loan to Sacombank of US$25 million. In addition, FMO, as the lead participant, has assisted Sacombank to receive funds from Proparco, Norfund, BIO, and DEG up to US$150 million. The signing ceremony was held on the occasion of the royal visit to Vietnam by Prince William and Princess Maxima of the Royal Kingdom of Netherlands. The entourage includes the country’s Minister of Agriculture and Trade and representatives of more than 80 enterprises.

The Lanexang Securities Public Company (LXS), a joint venture between the Lao Development Bank and Vietnam ’s Sacombank Securities Company, with a charter capital of 100 billion LAK ($12.5 million ), has made its debut in Vientiane.

Sacombank Leasing Company has finalised a credit agreement worth $5 million with Norfund to assist the provision of medium and long-term capital to small and medium-sized enteprises (SME) in Vietnam.