SCB successfully held the Extraordinary General Meeting of Shareholders 2020

On December 7, 2020 - SCB successfully held the Extraordinary General Meeting of Shareholders 2020. At the meeting, with the majority of votes, shareholders approved the policy of increasing charter capital by VND15,000 billion and the roadmap for listing SCB on the Ho Chi Minh City Stock Exchange (HOSE); plan to increase charter capital by VND5,000 billion in 2020-2021; and amendments & supplements to the Charter on organization and operation of the Bank.

At the same time, the meeting also approved the transactions of receiving assets to replace the borrower/mortgagor's repayment obligations worth more than 20% of SCB’s charter capital.

The meeting ratified the policy of increasing the charter capital by VND15,000 billion in the period of 2020-2030, of which, in 2020-2021, the charter capital will increase by VND5,000 billion. The meeting approved roadmap for listing SCB on HOSE. The target is to officially have SCB listed on HOSE no later than 2025. The meeting also assigned SCB’s Board of Directors to propose specific plans from time to time, to ensure compliance with the market situation and the Bank’s business operations.

Regarding to the plan for increasing its charter capital by VND5,000 billion in phase 2020-2021, SCB will offer 500 million shares (equivalent to VND5,000 billion) to existing shareholders. With such additional amount, SCB will prioritize its business activities, focusing on investment in fixed assets, modernizing banking IT and renovating its business units as per the Bank’s annual schemes, resulting to a solid foundation for growth in the future.

The increase in charter capital has remarkable meaning to SCB, helping the Bank improve its financial capacity, strengthen the prudential ratios in accordance with the State Bank’s regulations. Such increase is also a premise for SCB to create breakthroughs and develop in a sustainable, safe and efficient manner, attracting more strategic shareholders.

At the General Meeting, SCB’s Board of Directors has submitted the proposal for amendments and supplements to its Charter on organization and operation. This is necessary to satisfy the needs, the actual situation at SCB and the changes of legal frameworks such as the Enterprise Law, Investment Law, Securities Law, etc.

After three first quarters of 2020, SCB’s business activities recorded positive results from services. As of September 30, 2020, SCB’s asset size reached VND611,694 billion, affirming its status as top 5 largest banks and leading the non-state commercial banks in terms of total assets. Deposits reached VND553,832 billion, an increase of VND65,125 billion, 13.3% compared to the beginning of the year. In the first 9 months of 2020, SCB has prioritized the credit risk provisions. Specifically, SCB has made a provision of VND1,963 billion for credit risk provisions, bringing the total risk provisions to over VND13,000 billion. This is a financial reserve buffer, helping SCB’s business to be stable in the coming time.

In July 2020, SCB also officially signed a strategic partnership agreement with McKinsey & Company Vietnam. Accordingly, McKinsey & company will help SCB seize opportunities and potentials of the banking industry in a new digital era, consulting comprehensive solutions to improve its business efficiency with the goal of growing operation income by 25-30% annually. McKinsey & Company also advised SCB to choose foreign strategic investors in accordance with SCB’s operational strategies and shareholder diversification goals.

Recently, SCB opened the Central Customer Service Department on the ground floor of its Head Office building, 19-25 Nguyen Hue, Ben Nghe ward, District 1, HCMC. This is one of SCB's strategic activities in during its transformation period, as well as in SCB's business expansion and growth plans for the coming years.

Some pictures taken at the meeting:

Mr. Bui Anh Dung – Vice Chairman delivering the opening speech and the meeting’s agenda.

Mr. Hoang Minh Hoan - Standing Deputy CEO - presenting to the shareholders the amendments and supplements to SCB’s Charter of organization and operation.

The Meeting Presidium.

The meeting

Shareholders voting at the meeting.