Vietinbank, Vietcombank enabled to lend exceeding cap

Monday, Jun 09, 2014 17:01

Vietinbank and Vietcombank are enabled to lend some oil and gas firms with loan values exceeding a cap stipulated by the law. — Photo
HA NOI (Biz Hub) — Vietinbank and Vietcombank have been permitted by the Government to lend six State-run enterprises in the oil and gas sector loan values exceeding a cap stipulated by the law.

For Vietinbank, the firms are PetroVietnam Oil Corporation, PetroVietnam Gas Corporation, PetroVietnam Ca Mau Fertiliser Company Limited.

For Vietcombank, the companies include PetroVietnam Technical Services Corporation, PetroVietnam Exploration Production Corporation, and PetroVietnam Drilling & Well Services Corporation.

The Law on Credit Institution states that a bank can lend a customer a total outstanding loan amounting to 25 per cent of the bank's equity at maximum.

The exceptions are enabled by the Government to help companies get more capital for production and business activities that serve the nation's socio-economic targets.

Sai Gon - Ha Noi Bank and Eximbank were already granted similar exceptions this year. — VNS

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