Sao Mai Group, First Commercial Bank Sign US$80 Million Syndicated Credit Contract

Sao Mai Group and First Commercial Bank hosted a signing ceremony of up to US$80 million senior secured term facility agreement in Ho Chi Minh City on June 26, 2024.

Signing ceremony of up to US$80 million senior secured term facility agreement between Sao Mai Group and First Commercial Bank

Attending the ceremony were Mr. Malcolm Wang - Vice President of First Commercial Bank (Head Office), Mr. Li Pao Yuan - General Director of First Commercial Bank - HCM City Branch, Mr. Aaron Yang - SinoPac Bank - HCM City Branch along with representatives of the Export - Import Bank of the Republic of China, Taiwan Business Bank - Taiwan Branch, Chang Bank Hwa Commercial Bank - Taiwan Branch, and Bank of Taiwan - Hong Kong Branch.

Mr. Le Thanh Thuan - President of Founding and Development Council of Sao Mai Group and Mr. Le Tuan Anh - General Director of Sao Mai Group together with 100 delegates who are partners, customers and employees of Sao Mai Group and First Commercial Bank attended the event.

Mr. Le Tuan Anh - General Director of Sao Mai Group (fourth from right) presented flowers to show gratitude to leaders of banks who have supported Sao Mai Group over the past time

According to the cooperation agreement, First Commercial Bank will be an important partner that provides a senior secured term facility agreement of up to US$80 million to secure a solid financial source for Sao Mai Group’s business activities in construction, aquatic farming and processing, labor export, tourism, and particularly renewable energy, with priority given to solar and wind power development.

Mr. Malcolm Wang - Vice President of First Commercial Bank delivered a speech the ceremony

Mr. Malcolm Wang - Vice President of First Commercial Bank (Head Office) said, "First Commercial Bank would like to express our deep gratitude to Sao Mai Group for trusting and entrusting our bank to finance up to US$80 million to its projects, 1.56 times higher than the original plan of US$50 million. This proves that First Commercial Bank's credit-granting banking team has completely affirmed and placed deep trust in Sao Mai Group’s development. In addition to providing financial services and products for Sao Mai Group, First Commercial Bank also hopes to cooperate with the group to add other credit packages such as personal financial services for employees and trade connection services. With this cooperation, I believe that it will bring optimal benefits to customers and employees of both sides."

Mr. Le Tuan Anh - General Director of Sao Mai Group is ‘committed’ to realizing the cooperation agreement in the most effective way to benefit both parties.

The view of the signing ceremony

Speaking at the signing ceremony, Mr. Le Tuan Anh - General Director of Sao Mai Group emphasized that “Sao Mai Group's continued success in accessing up to US$80 million from a leading financial institution like First Commercial Bank, is a testament to the trust of major financial institutions in Sao Mai's solid business foundation. This is a driving force for the group to further broaden its market share, sharpen competitiveness and expand the international market”

“This is not only an important milestone, marking a new step in comprehensive cooperation, bringing the two-way relationship to a strategic level but also promises to open a bright future with many development opportunities for Sao Mai Group.”

The synergy of strengths and mutual support in all aspects will be the leverage to help the two brands to write their more success stories. Sao Mai Group “pledges” to use the fund flexibly, creatively, scientifically and responsibly to promote the business strategy and “create” distinctive values. Doing so, this will help improve the work performance of each party and create positive impacts on the community and society."

Leaders of Sao Mai Group and attending banks in a group photo

Tấn Hưng (Vietnam Business Forum)