SHB wants to be a among top three private bank

Wednesday, Nov 14, 2018 08:55

Transactions at SHB. — VNA/VNS Photo Tran Viet

Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB) has targeted becoming one of the three largest private joint stock banks in Viet Nam.

The information was released at a Tuesday ceremony held in Ha Noi to celebrate SHB’s 25 years.

SHB, formerly known as Nhon Ai Rural Commercial Joint Stock Bank, was established on November 13, 1993 in Can Tho with the initial charter capital of VND400 million.

SHB has achieved outstanding business growth and built a sustainable financial foundation with charter capital of more than VND12 trillion in 2018, over 30 times higher than in 1993. Its total assets grew from VND1 billion in 1993 to VND300 trillion today. From only eight staff members, SHB now has 8,000 people working at more than 500 transaction points both inside and outside the country. The bank has nearly four million customers.

SHB has been in the top five largest private joint stock commercial banks in Việt Nam, top 10 credit institutions with important effects on the finance and banking sector and the top 10 most prestigious commercial banks in Viet Nam.

With these achievements, the bank was awarded a second-class Labour Order, presented by Deputy Prime Minister Vuong Dinh Hue at the ceremony.

Speaking at the ceremony, Deputy Governor of State Bank of Viet Nam Dao Minh Tu said SHB had been a pioneer in restructuring credit institutions system by acquiring Habubank. After the acquisition, SHB had restructured and achieved positive results.

“SHB has always paid attention to retail banking products and maintained lending rates to agriculture and rural areas of 40 per cent out of its total outstanding loans, contributing to developing the agricultural sector,” Tú said.

He expected SHB to continue enhancing its role as a commercial bank with firm financial foundations to provide loans into prioritised sectors such as agriculture and rural areas while developing new products and services.

The bank was also required to focus on the restructuring plan for 2016 to 2020.

“SHB has made great efforts for the prosperity of the economy, businesses, entrepreneurs and customers in Viet Nam, Laos and Cambodia,” said SHB chairman Do Quang Hien. “SHB is determined to achieve higher targets in all banking activities, maintaining safe, sustainable and modern growth towards international standards.” — VNS

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