Norfund invests $30 million in SeABank for sustainable development

Norfund, the Norwegian Investment Fund for Developing Countries, has recently announced a significant investment of US$30 million in Southeast Asia Commercial Joint Stock Bank (SeABank) through a convertible loan. This strategic move aims to provide additional capital to support retail banking customers, small and medium enterprises (SMEs), and micro-enterprises in Vietnam.

Established by the Norwegian Government, Norfund focuses on creating jobs and improving lives in developing countries by investing in businesses to drive sustainable development. The investment in SeABank is part of Norfund's mission to strengthen the private sector in developing nations and reduce poverty through financial support.

SeABank's Vice Chairwoman of the Board of Directors, Ms. Le Thu Thuy, expressed the bank's commitment to contributing to the growth of the Vietnamese economy and enhancing financial access for SMEs and retail banking customers. The partnership with Norfund aligns with SeABank's sustainable development strategy for the future.

Ms. Fay Chetnakarnkul, Norfund's Regional Director for Asia, emphasized the fund's focus on financial inclusion, which complements SeABank's dedication to financing and supporting SMEs in Vietnam. The collaboration aims to uplift the unbanked and underbanked populations in the country, providing them with greater access to financial services.

Through this cooperation, SeABank aims to offer SMEs additional financial resources to meet their long-term capital needs. With a history of receiving substantial foreign investments, SeABank has been able to enhance SME financial access, implement environmental, social, and governance (ESG) practices, and address climate change challenges effectively.

SeABank's commitment to green credit, climate change mitigation projects, and green mortgages for environmentally friendly homes reflects its dedication to creating positive impacts on the socio-economy and the environment. Norfund's investment signifies growing confidence in SeABank's operational efficiency and capital utilization, ultimately benefiting the bank's corporate customers and key business areas.

Norfund's investment in SeABank not only strengthens the bank's position in supporting SMEs and financial inclusion in Vietnam but also underscores the importance of sustainable development and responsible banking practices in the region. This partnership sets a positive example for fostering economic growth and social progress through strategic investments in emerging markets.