An Binh Joint Stock Commercial Bank (AB Bank) will act as the primary provider of financial services for Power Company No1 (PC1) under an agreement signed yesterday in the capital.
"I do believe that this co-operation will bring more opportunities for both of us in terms of supporting investment capital, expanding operational networks, diversifying business sectors and exploiting each other’s advantages," said AB Bank general director Luu Duc Khanh.
The bank will provide PC1 a credit limit of VND300 billion (US$18.75 million). AB Bank will lend staff of PC1 money to buy shares in the power company and its subsidiaries. The bank will also provide home and car loans to workers.
In return, PC1 could open letter credit at AB Bank with an underwriting investment limit of $17 million.
The power company will help AB Bank to set up an operational network in all the provinces the firm covers. The bank expects to open more 12 offices nation-wide by the end this year.
"The economic alliance is in line with the new development trend of economic integration. I hope with this co-operation, we will together enhance our positions in the local market," said director of PC1 Nguyen Phuc Vinh.
Source: VNS
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