SCB launched the transformation & sustainable development strategy in phase 2020-2030

On 27/07/2020, Sai Gon 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, Ho Chi Minh City with presences of the two parties’ senior leaders.

SCB was created out of a merger of 03 banks and known for being the first bank to perform restructuring in early 2012. As of 30/06/2020, 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, Mr. Dinh Van Thanh, Chairman of SCB’s Board of Directors, stressed that: “After 10 years of merger and restructuring, SCB has been the leading bank in total asset growth and shifted its operation to a modern, versatile and sustainable bank embracing customer-centric orientation. SCB successfully built a solid foundation of more than 1.2 million of personal customers, from which first-class customers take 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 its business scale and ensuring SCB’s safety, contributing to the achievement of business targets.

Mr. Jeremy Chen, SCB’s COO informed 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 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 expected that McKinsey will provide SCB with consulting service to select appropriate foreign strategic investors suit to operation strategy and shareholder diversification purpose of SCB.

McKinsey & Company is the world’s famous management and business strategy consultancy, providing a variety of consulting services. With more than 90 years of experience and its presences in 65 nations, McKinsey & Company has performed consultations for various leading groups and companies worldwide.

Business results in the first 6 months 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. We have witnessed a steady growth in services for years, reflecting the restructuring strategy with the purpose of reducing the dependence on traditional credit activities. Regarding to personal financial services for customers, SCB made a huge impression in the market with the strong growth in payment activities through the international card ecosystem, eBanking and bancassurance.

Mr. Jeremy Chen – SCB’s COO

Ms. Tu Ha - BOD McKinsey Vietnam, Head of South

Representatives of SCB and McKinsey & Company Vietnam signing the strategic cooperation