AfDB increases SeaBank’s credit limit to $ 30 million
In november 2020, SeABank has officially joined the Trade Finance Program (TFP) of the Asian Development Bank (AfDB) to support business activities in Vietnam via loans and other financial instruments with limits of up to $ 18 million for guarantees and $ 5 million for revolving loans, allowing the Bank to approach and establish transaction relationships with numerous banks around the world.
Almost 8 months after the signing of the cooperation agreement, the AfDB agreed to increase the guarantee limit for commercial transactions with a total transaction value of $ 30 million at one point and continued to grant SeABank a $ 5 million revolving credit limit. The increase in the guarantee limit reflects the AfDB’s confidence and respect in SeABank in terms of reputation, transparency and capital efficiency, as well as its commitment to long-term growth. As a result, SeABank’s strength in the international payments and trade finance industry will be affirmed and strengthened, enabling the bank to approach and form transaction partnerships with more banks around the world.
SeABank is committed to using the fund in the most efficient way to help Vietnamese businesses, especially SMEs and their supply chains, to contribute to economic growth and job creation for Vietnamese workers.
The TFP program combines product knowledge with financial solutions, such as quantitative research on trade finance market gaps, initiatives to strengthen the role of women in banking, environmental protection measures and initiatives to fight crime through transparency in the global financial system.
SeABank has met the AfDB’s requirements defined for the PTF program, including: efficient and sound operations, sound risk management, transparent information, clear development direction and leadership with a strategic vision.
Moody’s, one of the top three credit rating agencies in the world, previously raised SeABank’s outlook from Stable to Positive while maintaining SeABank’s credit rating at B1 for the third year in a row. In addition, the bank has been designated as one of the 17 credit institutions with a significant impact in the financial sector for the year 2021.
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