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SSI inks its largest loan agreement worth $440 million with VietinBank

by 198 Vietnam News
February 16, 2022
in VIETNAM MANUFACTURE NEWS
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Vietnam’s distinguished securities firm SSI Securities JSC has simply revealed its contemporary mortgage settlement with VietinBank with a most mortgage quantity of roughly $440 million. That is the most important credit score line contract signed by SSI with a joint-stock business financial institution in Vietnam to this point, laying a concrete basis for extra intensive collaboration between the 2 main monetary establishments within the nation.

 

The primary instalment of the $440 million credit score line contract with Vietinbank – with a length of not more than 12 months and an rate of interest based mostly on the short-term market – has been partially disbursed.

With its long-standing status and monetary soundness, SSI boasts the most important foreign-backed unsecured capital, with as much as $267.5 million out there alone in 2021.

The contemporary deal of $440 million shouldn’t be solely SSI’s biggest-ever contract with a joint-stock business financial institution but in addition essentially the most helpful supply of unsecured credit score within the home securities enterprise panorama.

“Vietnam’s inventory market is witnessing an unprecedented part after 20 years of improvement. Because the nation’s main brokerage, SSI is repeatedly enhancing its monetary capability in an effort to put together for vital market progress and to raised serve customers’ ever-evolving wants by offering distinctive companies at an inexpensive value, in addition to environment friendly capital administration. At the moment, we’re proud to say that SSI secures essentially the most vital monetary potential within the business, illustrated by its spectacular scale of constitution capital. We additionally stay a strong capital enhance technique in place,” Nguyen Vu Thuy Huong, managing director of Treasury Division cum managing director of Principal Funding SSI instructed VIR.

“SSI has efficiently inked numerous debt contracts with each home and international monetary establishments, demonstrating the extraordinarily excessive credit standing of the agency, in addition to the effectiveness of how SSI manages and utilises the monetary would possibly.”

Notably, SSI continues to concentrate on enterprise actions that generate excessive earnings whereas posing minimal dangers, akin to investing in helpful papers from famend worldwide traders and high-grade company bonds.

With a complete proposal in place to develop its capital and increase financial institution loans frequently, SSI is effectively ready for the inventory market’s impending increase within the close to future.

The SSI spokesperson additionally confused that the profitable conclusion of a mortgage settlement with state-owned VietinBank would pave the way in which for much-needed collaboration between SSI and the financial institution. In as we speak’s enterprise local weather, the place there may be fixed strain to develop new and aggressive enterprise paths based mostly on service high quality and operational effectivity, SSI goals to proceed to discover new sources to extend effectivity in its enterprise operations.

SSI’s complete property as of December 31 had been round $2.2 billion. Moreover, on January 10, the corporate’s basic assembly of shareholders authorised the proposal to problem shares to develop its constitution capital to roughly $652 million.

In 2021, SSI generated complete revenues of about $338 million and revenue earlier than tax of about $114.6 million, representing will increase of 71.7 per cent and 112.6 per cent over the identical interval in 2020, respectively.

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