SMBC to boost financing support for major Vietnam oil group

TOKYO, Feb. 24 Kyodo -
Sumitomo Mitsui Banking Corp. said Thursday it has struck a deal with PetroVietnam Finance Corp. and PetroVietnam Securities Inc. to boost assistance to the financings of their corporate group led by Vietnam Oil and Gas Group.
SMBC will further strengthen the alliance with the Southeast Asian nation's largest state-run concern to mainly help it raise funds abroad and assist in its infrastructure development projects. Last June SMBC agreed to help the group raise long-term funds.
Nikko Cordial Securities Inc., the brokerage unit of Sumitomo Mitsui Financial Group Inc., sealed a similar deal with the oil and gas group Thursday after taking an equity stake of 14.9 percent in PetroVietnam Securities on Tuesday.