Intesa Sanpaolo and SACE, the company which insures Italian businesses around the world, have signed a credit agreement in favour of the Vietnamese Vietcombank. The Italian Embassy participated to the ceremony with a high level delegation. Intesa Sanpaolo will grant Vietcombank a
three-year loan of USD 100 million that will be covered for 70% by an Italian Export Credit Agency (SACE) guarantee.
In the context of Italo-Vietnamese commercial relations, it is significant that the largest Bank in Italy and the Italian company leader in Export Credit have agreed jointly to take this important initiative with a Vietnamese banking institution. In this way, Intesa Sanpaolo and SACE strengthen their involvement in the Asian market that offers great opportunities for Italian businesses. Through its agreements with large Italian and local banks, SACE supports the market penetration of Made in Italy in these emerging countries and makes the companies more competitive against major foreign competitors.
In Asia, Intesa Sanpaolo has been present for several decades through its branches in Hong Kong, Singapore, Shanghai, Tokyo and through various representative offices. It offers debt financing, trade financing, structured and project finance, treasury and direct investment services.
Intesa Sanpaolo, which has been named 2007 and 2008 Best Trade Finance Italian Bank by Global Finance magazine, handles more than 30% of Italian trade with Vietnam. It is a market towards which the Groups attention has grown and consolidated in time, in order to meet corporate customers interests and to be their point of reference and support also in the larger region. The Group has recently filed an application with the local authorities to open a representative office in Vietnam, underlining the long term potential it has identified in the country.