PROJECT

Projects

Summary of Investment Information

Project Number

48998

Company Name

SOUTHEAST ASIA COMMERCIAL JOINT STOCK BANK

Date SPI Disclosed

Jun 26, 2024

Country

Viet Nam

Region

East Asia and the Pacific

Projected Board Date

Apr 9, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Oct 30, 2024

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Apr 9, 2024
Signed : Apr 26, 2024
Invested : Oct 28, 2024

Sector

Commercial Banking - General

Additional Project Attributes

Blended Finance

Project Description

The proposed investment in Southeast Asia Commercial Joint Stock Bank (SeABank or the Bank) is up to US$225 million, comprising of: (i) 5-year green and blue bonds of up to US$150 million to be privately issued by the Bank to fund eligible green and blue projects, consisting of IFC’s subscription of up to US$75 million and a mobilization of up to US$75 million; and (ii) a 5-year A Loan of up to US$75 million to support the growth of the Bank’s portfolio for small and medium enterprises (SME), including women-led/owned SMEs (WSME) (the “Project”).  The green and blue bonds will adhere to the International Capital Market Association’s Green Bond Principles, and the blue bond will also adhere to IFC’s Guidelines for Blue Finance. The blue bond is expected to be the first of its kind in Viet Nam, and the green bond is expected to be the first of its kind to be issued by a private commercial bank in the country.

The Project is expected to be supported by the Market Accelerator for Green Construction (“MAGC”) Program as described in the Blended Finance Section.   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation