Intesa Sanpaolo and the Italian export credit agency Sace have signed a credit agreement in favour of Vietnam’s Vietcombank.
A three-year US$100mn facility has been granted by Intesa Sanpaolo in favour of the Vietnamese bank, with Sace guaranteeing 70% of the facility.
The facility could be an important development in Italo-Vietnamese commercial relations, as it sees one of the biggest banks in Italy and the country’s ECA demonstrate its growing interest and confidence in the Vietnamese economy.
Intesa Sanpaolo handles more than 30% of Italian trade with Vietnam. The banking group has recently filed an application with the local authorities to open a representative office in the Vietnam.
Vietcombank is the largest partially state-owned commercial bank in Vietnam with US$12.2bn in total assets as of 31 December 2007.
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