PROJECT

Projects

Summary of Proposed Investment

Project Number

25731

Company Name

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK

Date SPI Disclosed

May 2, 2007

Country

Viet Nam

Industry

Financial Markets

Projected Board Date

Jun 1, 2007

Status

Completed

Sector

Commercial Banking - Housing Finance

Department

Global Industry, Financial Markets

Environmental Category

C - No Impact

Previous Events

Approved : Jun 18, 2007
Signed : Jun 27, 2007
Invested : Dec 7, 2007

Project Description

The project involves a local currency, long-term financing package for up to $50 million equivalent to Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank or the Bank), a longstanding IFC client and a leading commercial bank in Vietnam. The funds will be used by Sacombank to support the growth of its housing finance lending operations. The tenor of the proposed funding is expected to be between 10-15 years, with a grace period of up to 2 years. The funds are expected to be provided by one or several local life insurance companies, backed by an IFC credit-linked guarantee, or directly by IFC.

Sponsor / Cost / Location

Development Impact