Business

SCB sets up partnership with three Hong Kong banks

Saigon Joint Stock Commercial Bank (SCB) has signed a strategic agreement on comprehensive and long-term cooperation in banking with three banks from Hong Kong.
SCB sets up partnership with three Hong Kong banks ảnh 1Saigon Joint Stock Commercial Bank (SCB) signs a strategic agreement on comprehensive and long-term cooperation in banking with three banks from Hong Kong. (Photo: congan.com.vn)

Hanoi (VNA) – Saigon Joint Stock Commercial Bank (SCB) hassigned a strategic agreement on comprehensive and long-term cooperation inbanking with three banks from Hong Kong.

The deal was inked during an investment promotion event held by theVietnam Chamber of Commerce and Industry (VCCI) in coordination with Hong KongTrade Development Council (HKTDC) in Ho Chi Minh City on August 20.

Under the agreement, SCB and three Hong Kong banks – Hang Seng Bank Limited, Chong Hing Bank Limited and TheBank of East Asia Limited – committed to exchanging experience in investmentand financial management, increasing business relations and making research andinvestment, particularly in providing credit to local and foreign enterprises.

Earlier at the event, all four banks inked a cooperationagreement on syndicated credit financing with Union Square Company Limited, areal estate firm. Accordingly, the four banks will support financial investmentand ensure a stable financing resource for Union Spare to help it expand.

The two deals will open up new opportunities forcooperation, development and experience sharing among SCB and the three foreignbanks. They are also expected to allow the banks to diversify and optimisetheir financial services, increase business efficiency and heighten theirstatus on the financial market.

SCB is one of Vietnam’s five largest private commercialbanks with total assets estimated at 476 trillion VND (almost 21 billion USD)and charter capital of approximately 14.3 trillion VND (630 million USD) as ofthe end of June 2018. Founded 26 years ago, the bank has branches across 28cities and provinces and nearly 6,000 employees.

Meanwhile, Hang Seng Bank Limited is one of fourAsian banks listed among the world’s strongest banks for five consecutiveyears. The Bank of East Asia Limited (BEA) is a group of leading financialservices in Hong Kong, and Chong Hing Bank Limited has 39 branches in HongKong. –VNA
VNA
#Saigon Joint Stock Commercial Bank #SCB #strategic agreement #comprehensive cooperation #Hong Kong #Hang Seng Bank Limited #Chong Hing Bank Limited #The Bank of East Asia Limited #syndicated credit financing #Union Square Company Limited #financial investVietnam #Vietnam news #Vietnam News Agency #Vietnamplus #business #economy Hong Kong
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