September 28, 2007
Credit Suisse to provide $1 billion financing for Vinashin
Credit Suisse has signed a memorandum of understanding (MOU) to develop a financing program of up to US$1 billion and to provide other financial services for Vietnam Shipbuilding Industry Group (Vinashin). The MOU was signed in the presence of Vietnamese Prime Minister Nguyen Tan Dung.
"Credit Suisse is a big believer in Vietnam. We are honored to have been chosen to develop a financing program for Vinashin", said Eric Varvel, Co-Head of Credit Suisse Investment Banking.
Earlier this year, Credit Suisse signed a financing agreement with Vinashin during the World Economic Forum in Davos, Switzerland, which resulted in US$600 million in loans arranged by the bank for Vinashin. That loan was the first and the largest offshore corporate loan arranged for a Vietnamese company.
Vinashin is one of the largest state-owned enterprises in Vietnam with more than 60,000 employees and more than 200 subsidiaries, including 28 shipyards.
"We were very pleased with the first offshore corporate loan arranged by Credit Suisse and would like to continue working with the bank to further expand our business areas," said Pham Thanh Binh, Chairman and CEO of Vinashin.