Saigon 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) has signed a strategic agreement on comprehensive and long-term cooperation in banking with three banks from Hong Kong.

The deal was inked during an investment promotion event held by the Vietnam Chamber of Commerce and Industry (VCCI) in coordination with Hong Kong Trade 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 The Bank of East Asia Limited – committed to exchanging experience in investment and financial management, increasing business relations and making research and investment, particularly in providing credit to local and foreign enterprises.

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

The two deals will open up new opportunities for cooperation, development and experience sharing among SCB and the three foreign banks. They are also expected to allow the banks to diversify and optimise their financial services, increase business efficiency and heighten their status on the financial market.

SCB is one of Vietnam’s five largest private commercial banks 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 of the end of June 2018. Founded 26 years ago, the bank has branches across 28 cities and provinces and nearly 6,000 employees.

Meanwhile, Hang Seng Bank Limited is one of four Asian banks listed among the world’s strongest banks for five consecutive years. The Bank of East Asia Limited (BEA) is a group of leading financial services in Hong Kong, and Chong Hing Bank Limited has 39 branches in Hong Kong. –VNA