Vietnam's largest securities company has secured a $55-million loan from six foreign banks.
SSI has entered into an unsecured syndicated loan agreement worth $55 million led by Taiwan-based SinoPac.
SSI said that the loan would be used for short-term investments with high safety or margin lending.
This is the first time a Vietnamese securities firm has been granted such large-scale credit in the form of an unsecured loan. Unsecured loans are approved without collaterals and based on borrower´s credibility and repayment capacity.
SSI is currently the largest securities company in Vietnam with charter capital of $220 million. It accounted for 18.7 per cent of market share on HOSE and obtained profits of $56.2 million last year.
SSI has mobilized more than $518 million from banks and other financial institutions for business and investment activities. It has provided margin lending of nearly VND6 trillion ($259 million) and has over VND12,326 billion (over $532 million) in savings of less than 12 months.
Most of the savings is used as collaterals for its overdraft and short-term loans. Techcombank was SSI's biggest lender by the end of last year, providing VND3.2 billion ($138 million), followed by Vietcombank with VND2.7 trillion ($117 million).
Prior to the syndicated loan, SinoPac had lent SSI $6 million at an interest rate of 4.59 per cent from December 20, 2018 to March 20, 2019.
In addition to SinoPac, SSI has recently borrowed from other foreign banks such as Woori Vietnam - Hanoi branch ($19.4 million) and Shinhan Vietnam - Hanoi branch ($14.7 million).
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