Raiffeisen Zentralbank Oesterreich AG (RZB Austria), Singapore Branch,recently signed an agreement for a USD 150 million loan facility to theBank of Foreign Trade of Vietnam (Vietcombank). The five year loan willhelp the state-owned bank to increase its foreign currency lendingcapacity and to meet the rising demand for domestic credit business,enhancing its liquidity for corporate lending, especially in the mediumand long terms.
Herbert Stepic, Deputy General Manager of RZB, sees the conclusion ofthe deal as one more milestone in RZB''s commitment to the country:"RZBrecognized Vietnam''s potential already at an early stage by opening arepresentative office in 1997 and has consistently expanded therelationship since then. It is fair to say that we have addedsignificant value to the development of the country''s economy and itstrade relations with Austria and Central and Eastern Europe". From theoutset, RZB has accompanied its Austrian and international customers toVietnam, facilitating business contacts and the conclusion of negotiatedprojects. Among many other successful transactions in the field ofcommodity trade financing and export credit-agency-covered financing,this loan is the most recent highlight in the history of RZB''s localrepresentative office. It is also the first such transaction ofVietcombank in terms of volume and tenor.
Today, RZB is the leading Austrian Bank regarding the financing ofbilateral trade and investment transactions in Vietnam and enjoys strongbilateral relationships with the leading state-owned banks as well asselective private local banks.
RZB is the central institution of the Austrian Raiffeisen Banking Group,the country''s most powerful banking group. RZB is a leading corporateand investment bank in Austria and also considers Central and EasternEurope (CEE) as its home market, where, via its wholly owned subsidiaryRaiffeisen International Bank-Holding AG (Raiffeisen International), itoperates a network of 15 subsidiary banks with more than 800 bankingoutlets, as well as two representative offices, in 16 markets of theregion.
Complementing the countries of CEE, Asia constitutes the secondgeographical focus of RZB''s activities. In the early nineties,increasing trade relations between Austria and some of the Asiantransformational countries led to the establishment of representativeoffices. Today, RZB maintains such offices in Ho Chi Minh City, HongKong, Mumbai, Seoul and Tehran as well as liaison offices in Manila andTokyo.