SSI reaches US$440-million loan agreement with Vietinbank
SSI reaches US$440-million loan agreement with Vietinbank
The contract is valid for less than 12 months and remains the largest of its kind between a commercial in Vietnam and a securities company.
SSI Securities Corporation has announced an agreement with Vietinbank for a credit contract worth up to VND10 trillion (US$440 million), which is set to eventually benefit Vietnam’s stock market.
SSI agrees on a credit contract worth up to $440 million with Vietinbank. |
The contract is valid for less than 12 months and remains the largest of its kind between a commercial bank and a securities company.
“Vietnam’s stock market is moving into a new phase after 20 years of development. The deal is part of SSI preparation to bring more quality products and services at an affordable cost and high efficiency for customers,” said Nguyen Vu Thuy Huong, managing director of the Treasury Division at SSI.
In the coming time, SSI plans to focus on business activities with high profits and low risks, including investments in valuable papers from creditable international investors and high-grade corporate bonds.
For the time being, SSI has put in place a large number of debt contracts with domestic and foreign financial institutions, in turn helping the company expand its capital and augment bank loans regularly.
“SSI is well prepared for the impending booming of the stock market soon,” said Huong.
In this regard, the successful loan agreement with VietinBank would mark the first step for the collaboration between the two in developing a new and competitive business path.
SSI total assets as of December 31 were estimated at US$2.2 billion. On January 10, the company’s general meeting of shareholders authorized the issuance of the shares to expand its charter capital to $652 million.
In 2021, SSI generated total revenue of $338 million and profit-before-tax of $114.6 million, up 71.7% and 112.6% year-on-year, respectively.
