Fitch Affirms Outlook on Standard Chartered Vietnam at Positive
sonnguyen 22-12-2021, 16:08

Fitch Ratings has affirmed the outlook on Standard Chartered Bank (Vietnam) Limited (SCB VL)at positive with SCB VL’s long-term foreign currency and local currency issuer default ratings at BB and BBB- respectively.(See Fitch rating report on Standard Chartered Vietnamhere)

Fitch’s ratings are driven by the institutional support from100% shareholder, Standard Chartered Bank, for Standard Chartered Vietnam given itsimportant role in the group's broader South-East Asia strategy. These ratings are capped by a potentially higher Country Ceiling should the sovereign rating be upgraded.

“As an international bank with 117 years of history in Vietnam, the country has been always one of the key markets in our global footprint. The ratings from Fitch have reaffirmed us as a strong partner to Vietnam and to our clients as they seek to meet their growth ambitions. We will continue to contribute to Vietnam’s sustainable development journey to secure a prosperous future for the people and the communities.”, said Michele Wee, CEO of Standard Chartered Bank Vietnam.

Standard Chartered Bank increased its charter capital to over VND 6.9 trillion, the third capital injection since 2018, reinforcing the Bank’s long-term commitment to the country. With regards to endeavours for a sustainable green future,at COP26, the Bank signed 3 Memorandums of Understanding worth up to USD8.5 billion in sustainable financing for three Vietnamese businesses to support their sustainability goals. By the end of 2024, Standard Chartered commits to providing USD 75bn towards sustainable development goals (incl. USD 40 billion of project financing services for infrastructure that promote sustainable development and USD35 billion for renewables and clean-tech projects).