State Bank approves restructuring plan for Saigon Commercial Bank

Sunday, 2020-03-15 11:22:47
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SCB is currently among the top five largest banks in Vietnam in terms of total assets, worth nearly VND568 trillion.
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NDO – The restructuring plan of Saigon Commercial Bank (SCB) for 2019-2020, with a vision to 2030 has got a nod from the State Bank of Vietnam (SBV).

According to a 2019 financial statement, SCB is currently among the top five largest banks in Vietnam in terms of total assets, worth nearly VND568 trillion (over US$24.4 billion).

Currently, the bank has 239 transaction offices across 28 provinces and cities and more than 7,300 employees.

In 2018, the Government and the SBV advocated allowing SCB to develop a new restructuring plan for the next period. It is considered a proactive restructuring plan to support a number of new mechanisms, as a solution to increase capital and improve the financial capacity of SCB after a healthy restructuring.

Vo Tan Hoang Van, Member of the Board of Directors cum General Director of SCB, said that his bank has determined that besides recovering bad debts and outstanding debts in the restructuring process, the promotion the development of retail banking and modern banking services are inevitable trends.

Therefore, in 2019-2020, SCB will focus on restructuring credit activities and improving its financial capacity, while investing in technology and human resources and developing the customer system, thereby accumulating resources for retail and digital banking development in the future.

"SCB wishes to bring the best satisfaction and experience to customers, aiming to become a leading bank with service and management quality commensurate with a bank in the top 5 in terms of total assets," Van stated.