Shinhan Bank Vietnam assigned stable outlook by S&P

Friday, Jan 17, 2020 19:00

Shinhan Bank Vietnam has been assigned a BB (stable) rating for the long term by credit agency Standard & Poor’s. — Photo courtesy of Shinhan Bank Vietnam

Shinhan Bank Vietnam Ltd. (Shinhan Bank Vietnam) has been assigned a BB (stable) long-term rating by Standard & Poor’s.

The first foreign bank in Vietnam, Shinhan Bank has achieved Basel II norms, with its capital adequacy ratio (CAR) of 18.05 per cent being much higher than the minimum required CAR of 8 per cent.

Shin Dong Min, CEO of Shinhan Bank Vietnam, said Vietnam is a key market with great potential, one where Korean corporates are expanding their production base and operations.

The lender is a subsidiary of Shinhan Bank Korea, an affiliate of Shinhan Financial Group.

For three straight years (2016 to 2018), Shinhan Bank was in the list of the 50 Safest Banks in the world released by Global Finance.

It was also listed by Asian Banker as the Best Retail Banker in the Asia Pacific region for two years in a row (2017 and 2018).

In 1993 Shinhan Bank opened a representative office in HCM City, offering a diverse portfolio of tailored corporate and consumer banking products and solutions.

In the 27 years since, it has developed a broad network across the country with 36 branches and transaction offices, ATMs and modern e-banking services to serve millions of corporate and individual clients.

Last year it won the HR Asia Best Company to Work for in Asia award from respected regional publication, HR Asia.

A financial services company based in the US, S&P is one of the three largest and most prestigious credit rating agencies in the world.

Its credit ratings have been published since 1916 to provide investors and market participants world-wide with independent analyses of credit risk. — VNS

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