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DongA Bank signs deal with IFC

Update: August, 30/2012 - 09:58

HCM CITY — The joint-stock DongA Bank yesterday signed a contract to join the International Finance Corporation's Global Trade Finance Programme.

The IFC, the financial arm of the World Bank, will provide DongA Bank with a total credit guarantee of US$20 million for its international trade-related transactions.

The guarantee can take the form of letter of credit, bill of exchange, or draft so that DongA Bank will be able to provide working capital to importers and exporters.

Its general director, Tran Phuong Binh, said the bank met IFC's criteria on corporate governance and credit and risk management, so it was able to join the programme.

In an unrelated event, five commercial banks – Sacombank, Vietcombank, Vietinbank, HDBank, and MHB – signed contracts on Tuesday with 18 HCM City businesses to provide them with credit of almost VND96 billion (US$4.7 million).

Sacombank would bring in VND50 billion of that amount. The annual interest rates range from 11 to 13 per cent.-VNS

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