Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing.

Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate.

The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday.

Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign enterprises.

SCB is one of Viet Nam’s five largest private commercial banks with total assets of VND476 trillion (US$20 billion), and charter capital of VND14.29 trillion as at the end of June.

Meanwhile, Hang Seng Bank Limited is one of four Asian banks listed among the world’s strongest banks for five consecutive years. The Bank of East Asia Limited (BEA) is a group of leading financial services in Hong Kong, and Chong Hing Bank Limited has 39 branches in Hong Kong. — VNS