Credit Suisse AG allocates credit package of US$200 million to FLC Group
Credit Suisse AG allocates credit package of US$200 million to FLC Group
Credit Suisse AG, Singapore Branch, has allocated a senior secured term loan facility worth up to US$200 million to FLC Group under a credit agreement signed by the two parties.
According to FLC Group, this facility, with a term of 2.5-3 years, is secured by shares in some of its subsidiaries and will be used to supplement its working capital. The disbursed fund will be allocated to implement and expand its projects and new business activities. With this facility, FLC Group proves to be highly rated in terms of prestige and development prospects by Credit Suisse AG as well as other international financial institutions.
In recent months, FLC has seen positive results in real estate sales, with 2,000 new products sold in the most recent two months in four projects in Quy Nhon (Binh Dinh), Sam Son (Thanh Hoa), Ha Long (Quang Ninh) and Quang Binh. This is also the peak season for resort services offered by FLC Group.
Apart from having developed an effective sales system, supported by a network of thousands of brokerage staff from large real estate distribution agents throughout Viet Nam, the group has also made big steps with the establishment of Bamboo Airways.
The airline establishment is among its long–term strategies, which is not only aimed to satisfy the increasing market demand in the aviation market but also to improve the operational efficiency of its existing resorts.
Credit Suisse started operations in Viet Nam in 2001 and it is now one of the largest foreign capital arrangers in Viet Nam, having arranged approximately $7 billion in funding for Vietnamese Government, local state-owned and private enterprises and foreign enterprises in Viet Nam.
The Swiss bank measures Viet Nam as one of its key markets with the aim of doubling profits in 2018, part of its global strategy focusing capital and resources on Asia - Pacific market. It will continue to bring big foreign investors to Viet Nam in several fields such as aviation, infrastructure and telecommunication, etc.
FLC Group is the latest partner of Credit Suisse in Viet Nam, along with VPBank, Vietcombank, FE Credit.
