Sacombank re-appoints Nguyen Duc Thach Diem as CEO for five years

Friday, Jul 01, 2022 15:37

Nguyen Duc Thach Diem, permanent vice chairwoman of the board of directors cum CEO of Sacombank. — Photo courtesy of Sacombank

Nguyen Duc Thach Diem has been re-appointed as CEO of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) for five years. Her new term began June 30, 2022.

Diem is now permanent vice chairwoman of the board of directors cum CEO of Sacombank.

She was appointed CEO in 2017 when the bank began a post-merger restructuring process in the face of numerous difficulties and challenges in terms of personnel, operational efficiency and bad debts.

Diem and her team managed to put a restructuring plan on the right track to achieve growth and improve operational efficiency over the years, making Sacombank an example of success in restructuring in Viet Nam’s banking industry.

In the five years since restructuring, Sacombank has recovered and handled nearly VND72 trillion (US$3.09 billion) worth of bad debts and outstanding assets, meeting 67.9 per cent of the overall plan until 2025. The bad debt ratio has been reduced by 15.6 per cent compared to 2016.

Its average monthly core profit increased from VND50 billion per month in 2016 to VND1 trillion per month currently. Thanks to that, the bank has financial resources to increase provisioning, while still ensuring annual profit exceeding the targets approved by shareholders.

The bank has more than 18,000 employees, working at 566 transaction points across the country and in Laos and Cambodia.

The bank said its top priorities in the next phase are completing the restructuring plan ahead of schedule, expanding its business by effectively exploiting assets and capital sources and improving operational efficiency.

In addition, it will pay special attention to enhancing customer experience, satisfaction and trust, while standardising operations, and enhancing risk management and brand value.

The bank is investing in a comprehensive digital transformation to improve its products, services and operation methods towards becoming a modern and versatile digital bank.

With her experience in management and administration as well as understanding Sacombank's operations, Diem is expected to continue leading Sacombank to restructure successfully, maintain a high growth rate and achieve positive results.

For her excellence in corporate governance and contributions to the bank, Diem has received prestigious awards, including the Top 10 Vietnam Red Star Awards 2019, Typical Vietnamese Businesswoman - Golden Rose Award 2020 and third class Labour Order from the President. — VNS

Comments (0)