Czech export bank to finance Vietnam’s projects
I read this articles from guardian and really attract of this info. Czech Export Bank (CEB) and state-run Vietindebank, Vietnam’s second-largest lender, will provide fundings worth $956 million to four infrastructure and beverage projects in Vietnam, an executive said on Friday.
The largest loan worth $720 million would go to construction of a highway in southern Vietnam and the two have also agreed to lend $236 million to develop a bus system, a waste treatment plant and a brewery, Vietindebank Chairman Tran Bac Ha said.
The Hanoi-based unlisted bank, also known as the Bank for Investment and Development of Vietnam, was discussing with CEB on details of the loans, but they have agreed to fund 90 percent of the $1.2 billion 80-km (50-mile) highway, Ha said.
The four financial deals were signed on Friday during a visit to Hanoi by Czech Prime Minister Mirek Topolanek.
An unnamed Czech bank has expressed interest to buy a stake in Vietindebank, which planned its initial public offering this year, Vietindebank Deputy CEO Le Dao Nguyen told a news conference.
Chairman Ha said Vietindebank would submit details on its partial privatisation, including the time of the IPO, to the government in April for approval along with a project to develop Vietindebank into a financial group.
“Our roadmap has so far been unchanged but we will pick the IPO time when market conditions are favourable,” Ha said without elaboration.
Vietindebank, one of five state-run commercial banks which the government initially ordered to sell shares to the public in 2007 and 2008, has hired U.S. investment bank Morgan Stanley to advise on the IPO.
So far only Vietcombank has completed its IPO and plans to list on the Ho Chi Minh Stock Exchange in June.
Vietindebank, which has also been dealing with insurance, property, commodities futures and construction outside its core banking services, had assets of 205 trillion dong ($12.8 billion) as of Thursday, the second largest in Vietnam after Agribank. ($1=15,980 dong) (Reporting by Ho Binh Minh; Editing by Ramthan Hussain)
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