VietinBank signs agreement with foreign partners

VGP – Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on February 4 signed a loan agreement of €120 million (or US$155 million) with some international banks.

February 05, 2013 11:10 AM GMT+7

The five-year agreement will be supported by Sumitomo Mitsui Banking Corporation and German KFW IPEX- Bank GMBH though the Export Credit Insurance Program.

German Euler Hermes credit insurance will provide an insurance fund, accounting for 85% of the loan, for VietinBank.

Speaking at the signing ceremony, VietinBank Chairman Pham Huy Hung revealed that the loan will help VietinBank guarantee its operation effectively and sponsor projects for national economic development.

By Thuy Dung