Fitch affirms outlook on Standard Chartered Vietnam as positive

Wednesday, Dec 22, 2021 18:49

Fitch Ratings has affirmed the outlook on Standard Chartered Bank (Vietnam) Limited at positive. — Photo courtesy of the bank

Fitch Ratings has affirmed the outlook on Standard Chartered Bank (Vietnam) Limited as positive, with long-term foreign currency and local currency issuer default ratings at BB and BBB respectively.

Fitch’s ratings are driven by institutional support from 100 per shareholders, with Standard Chartered Vietnam given an important role in the group's broader South-East Asia strategy.

The ratings are capped by a potentially higher Country Ceiling should the sovereign rating be upgraded.

“As an international bank with 117 years of history in Viet Nam, the country has been always one of the key markets in our global footprint. The ratings from Fitch have reaffirmed us as a strong partner to Viet Nam and to our clients as they seek to meet their growth ambitions. We will continue to contribute to Viet Nam’s sustainable development journey to secure a prosperous future for the people and the communities,” said Michele Wee, CEO of Standard Chartered Bank Vietnam.

Standard Chartered Bank increased its charter capital to over VND6.9 trillion, the third capital injection since 2018, reinforcing the bank’s long-term commitment to the country.

With regards to endeavours for a sustainable green future at COP26, the bank signed three Memorandums of Understanding worth up to US$8.5 billion in sustainable financing for three Vietnamese businesses to support their sustainability goals.

By the end of 2024, Standard Chartered is committed to providing $75 billion towards sustainable development goals (US$40 billion of project financing services for infrastructure that promote sustainable development and US$35 billion for renewables and clean-tech projects). — VNS

Comments (0)