Sacombank borrows $150 mln from Europe

Saigon Thuong Tin Commercial Joint Stock Bank (HoSE: STB), or Sacombank as it is commonly known, has signed an agreement to borrow US$150 million from the Netherlands Development Finance Company.

The Dutch development agency has lent $25 million while five other European finance institutions will provide a further $70 million in the second quarter.

The final $55 million will be provided by other European development funds at the end of 2011.

The loan is aimed at enabling more lending to the private sector, especially small and medium-seized firms.

The Ho Chi Minh-based bank has a chartered capital of VND9.179 trillion (US$440.5 million), a network of over 360 branches and transaction offices in 47 cities and provinces, and a branch each in Laos and Cambodia.

The Dutch agency supports the private sector in developing countries.

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