The State-owned Agribank and joint stock An Binh Bank (AB Bank) will now play for the same team thanks to a strategic partnership agreement signed on Mar. 15.
Under the agreement, the two banks will assist each other with international settlements, credit matters, foreign currency activities and securities trading, among others.
"Agribank, one of Viet Nam 's largest banks, will support us with capital and credit line so we can fund major power industry projects," said AB Bank general director Luu Duc Khanh.
AB Bank will also be able to tap Agribank's wide network of around 2,000 branches and transaction offices natiowide. Agribank also has around 950 bank agents in 113 countries.
Additionally, Agribank will have the right to buy AB Bank's shares and invest in its affiliates.
As well, AB Bank plans to set up a real estate and financial leasing company soon.
Electricity of Vietnam (EVN) is a major shareholder in the joint stock bank, whose equity capital stands at 1,131 trillion VND (77mio US$).
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