Private lender SeABank receives $30 mln loan from Norway’s Norfund

Vietnamese private lender SeABank has secured a $30 million convertible loan from the Norwegian Investment Fund for Developing Countries (Norfund).

The two sides signed an agreement for the loan on Tuesday, marking the beginning of SeABank-Norfund partnership towards driving economic growth and promoting financial inclusion.

The loan, which is convertible to common shares of SeABank within 4 years, will enhance the bank’s capital to better support small and medium enterprises (SMEs), retail banking customers, and micro-enterprises in Vietnam.

With this loan, SeABank, listed on the Ho Chi Minh Stock Exchange (HoSE) as SSB, will have additional resources to support financial access of Vietnamese SMEs and micro-enterprises, provide long-term capital for business growth demands; support the increasing demands for individual consumer lending; and launch programs targeting the unbanked and underbanked in Vietnam.

The $30 million loan from Norfund has raised SeABank's total foreign mobilized capital to $850 million. This includes loans, credits, and trade finance from many international financial organizations such as DFC, IFC, and financial funds.

With the support, SeABank will focus on diversifying and tailoring products and services for each segment, with special focus on SMEs, women-owned SMEs, micro-enterprises and retail banking customers.