On July 27, Saigon J.S. Commercial Bank (SCB) officially signed the cooperation agreement of “Transformation and sustainable development strategy in phase 2020-2030″ with McKinsey & Company Vietnam. The ceremony took place at Times Square Building, District 1, HCM City with the presence of the two parties’ senior leaders.
SCB was created out of a merger of three banks and known for being the first bank to perform restructuring in early 2012. As of June 30, 2020, SCB’s total assets reached VND598,412 billion, maintaining its status as a top-5 Vietnamese credit institution and the largest bank among non-state commercial banks in terms of total assets.
At the ceremony, Dinh Van Thanh, Chair of SCB’s Board of directors, stressed: “After 10 years of merger and restructuring, SCB has become the leading bank in total asset growth and shifted its operation to a modern, versatile and sustainable bank embracing customer-centric orientation. SCB has successfully built a solid foundation of more than 1.2 million customers, with first-class customers taking up a large proportion.”
This year, SCB is projected to increase its charter capital to VND20,232 billion. Such an increase will play the crucial role in expanding scaling up its business and ensuring SCB’s safety, contributing to the achievement of business targets.
Jeremy Chen, COO of SCB, observed that the cooperation between SCB and McKinsey indicated the strategic plan during the transformation of the bank. McKinsey will help SCB capture valuable opportunities of the banking industry amidst new digital era. McKinsey also brings new comprehensive solutions to help SCB maintain a high growth rate, enhance its customer service and experience.
It is also expected that McKinsey will provide SCB with consulting service to select appropriate foreign strategic investors to suit the operation strategy and shareholder diversification purpose of SCB.
McKinsey & Company is the world’s famous management and business strategy consultancy firm, providing a variety of consulting services. With more than 90 years of experience and its presence in 65 nations, McKinsey & Company has performed consultations for various leading groups and companies worldwide.
Regarding business results in the first six months, the bank achieved positive results from non-credit activities with profits from securities and foreign exchange trading of over VND300 billion and net income from service activities of VND618 billion. SCB has witnessed a steady growth in services for years, reflecting the restructuring strategy with the purpose of reducing the dependence on traditional credit activities.
As of June 30, 2020, SCB’s total assets reached VND598,412 billion, customers’ deposits of VND528,720 billion, increasing by VND40,013 billion with a stable growth rate of 8.2 percent compared to earlier this year. Meanwhile, the bank reached VND344,033 billion in outstanding credits, an increase of 3.04 percent compared to December 31, 2019.
