Norfund provides $30 million convertible loan to SeABank
Norfund provides $30 million convertible loan to SeABank
The Norwegian Investment Fund for developing countries (Norfund) has decided to invest $30 million in SeABank through a convertible loan. This loan can be converted into SeABank's common shares within a four-year timeframe.
In a SeABank's transaction room. The bank has been granted a conversion loan worth US$30 million by Norfund. — Photo courtesy of SeABank |
The main objective of the investment is to support small and medium-sized enterprises (SMEs), individual customers and micro-enterprises in Việt Nam.
Norfund is a government investment fund of Norway focused on supporting efficient and sustainable businesses in developing countries. The fund’s mission is to create jobs and improve lives by investing in businesses that promote sustainable development.
Lê Thu Thuỷ, Vice Chairwoman of SeABank, said: “The collaboration between SeABank and Norfund shares a common goal of boosting economic growth in Việt Nam and enhancing financial access for SeABank’s SME and individual customers. This loan will significantly support the bank's sustainable development strategy in the future.”
Fay Chetnakarnkul, Regional Director for Asia at Norfund, said: “Inclusive finance is a core mission of Norfund, and this objective aligns with SeABank's strong commitment to financing and supporting individual customers and SMEs in Việt Nam. The partnership between Norfund and SeABank will focus on promoting banking services to the unbanked and underbanked populations in Việt Nam.”
The cooperation between Norfund and SeABank will provide additional financial resources to Việt Nam’s SMEs and SeABank’s corporate clients, meeting their long-term capital needs. Additionally, SeABank will have more funds to support the increasing consumer loan demands of individual customers.
Previously, SeABank received nearly $600 million in capital from international financial institutions such as IFC and DFC.
The continued investment from Norfund demonstrates the growing trust from international credit institutions in SeABank’s reputation, operational efficiency and effective capital use.
Norfund's total committed portfolio amounts to $3.6 billion, focusing on sub-Saharan Africa, South Asia, Southeast Asia and Latin America. The four main investment areas are renewable energy, inclusive finance, scalable enterprises and green infrastructure.
Established in 1994, SeABank is a leading commercial joint stock bank in Việt Nam, serving over three million customers with nearly 5,500 employees and 181 transaction points nationwide.
With a charter capital of VNĐ24.9 trillion, SeABank is rated Ba3 by Moody’s in several important categories and was one of the first banks to implement the Basel III international risk management standards.
