SCB appoints foreign Acting CEO

Sai Gon J.S. Commercial Bank (SCB) has announced the decision on appointing Mr. Chen Yi-Chung (Jeremy Chen) the Acting CEO. This appointment is amid the drastic implementation of the “Transformation and sustainable development strategy in phase 2020-2030” at SCB with strategic consultations from McKinsey & Company.

Mr. Jeremy Chen is believed to deliver rightful directions to SCB for successfully carrying out the transformation strategy, aiming to make SCB become one of the top profitable banks in the near future.

Prior to joining SCB, Mr. Jeremy Chen had over 20 years of experience in investment, banking and finance industries. He served as senior leaders in major corporations and banks such as: Vice President - Citibank Asia – Pacific; Deputy Director of Direct Investment Team - Standard Chartered Bank; Deputy CEO - China Billion Resources Ltd. Mr. Jeremy Chen has obtained the Master of Business Administration degree from The University of Chicago Booth School of Business.

Mr. Chen Yi - Chung delivering his speech in the ceremony

Mr. Hoang Minh Hoan - Mr. Chen Yi-Chung’s predecessor was assigned by SCB’s Board of Directors to be the Standing Deputy CEO. After 10 years at SCB, with profound expertise and deep understanding about SCB, Mr. Hoan will proactively support Mr. Chen Yi-Chung in the strategic transformation.

As of 30/09/2020, SCB total assets reached VND611,694 billion, affirming its status as top 5 largest banks and leading the non-state commercial banks in terms of total assets. In the first 09 months, we have witnessed positive achievements in business activities: securities and forex trading reaching VND462 billion and net income from service activities of VND963 billion.

In recent years, SCB’s service activities have grown steadily, reflecting the restructuring strategy with the aim of gradually reducing dependence on traditional credit activities. In terms of personal financing services, SCB made impressive significances in the market with the strong growth of payment activities through the ecosystem of international cards, eBanking and bancassurance.

The comprehensive and in-depth transformation strategy is projected to create a solid foundation for the Bank’s development in the next phases. Strong actions including converting business operation models, setting risk management standards as per international practices, optimizing operational efficiency, digitalizing banking operations, training well-qualified human resources, building corporate culture, etc. are closely advised and supported by McKinsey during the actual implementation.

Mr. Chen Yi - Chung receiving the Decision on appointing Acting CEO