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Banks finance Vietnam coal group
A group of four foreign banks Tuesday signed off on a finance package worth US$58 million with the Vietnamese state-owned coal group Vinacomin.
The group is comprised of Standard Chartered Bank, Cathay United Bank’s Chu Lai branch, Malayan Banking Berhad and Bank of China’s Ho Chi Minh City branch.
Standard Chartered said it also signed a Memorandum of Understanding with Vinacomin under which the lender would help raise funds from the capital market to finance Vinacomin’s forthcoming investment in coal production, bauxite mining and power plants.
In addition, the bank would offer Vinacomin financial solutions covering risk and liquidity management, training and other areas of interest.
Vinacomin is a 100 percent state-owned enterprise, created through a reorganization of the operations of Vietnam Coal Cooperation and Vietnam Minerals Cooperation in December 2005.
In related news, Standard Chartered recently said it plans to open 30 branches in Vietnam over the next four years following central bank approval last week to become the first 100 percent foreign-owned bank to incorporate its local operation in Vietnam.
Thanhnien
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