The International Finance Corporation (IFC) will pump 500 billion VND (31 million USD) into the Saigon Thuong Tin Commercial Bank's (Sacombank) coffers to help it underwrite home loans.
IFC Country Director Sin Foong Wong inked the deal with Sacombank Director General Phan Bich Van in Ho Chi Minh City on June 27. The loans will be provided to people for mortgages, property development and repairs.
The World Bank's affiliate member is currently one of Sacombank's three foreign strategic partners and has recently increased its capital in the bank to 240 billion VND.
Sacombank President Dang Van Thanh said his bank would look to the experiences and financial strength of IFC and other strategic partners to attain higher growth.
Source: VNA
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