SSI Securities Corporation has signed a contract for an unsecured loan worth US$100 million with some of Taiwan's leading banks led by Union Bank of Taiwan and Taipei Fubon Commercial Bank and with the participation of Bank of Taiwan, Taiwan Shin Kong Commercial Bank, Hua Nan Commercial Bank and others.

The loan has a maximum term of 12 months with short-term interest rates as is common in the international market, and is expected to be disbursed in two tranches.

This is the largest unsecured loan provided by foreign banks to any securities companies in Viet Nam.

SSI, which has a charter capital of nearly VND 6.5 trillion ($282.6 million), has for years been the country’s largest securities company.

Its revenues and pre-tax profits in the first half of this year were VND3.2 trillion ($139 million) and VND1.2 trillion ($52.1 million), representing year-on-year increases of 38 per cent and 84 per cent.

In the past SSI has got unsecured loans of $85 million from a group of nine foreign banks and $55 million from Taiwan’s SinoPac Bank. — VNS