SHBFinance officially becomes a member of Thai Group

On June 2, in Hanoi, the Board of Directors of Saigon - Hanoi Commercial Joint Stock Bank Finance Company Limited (SHBFinance) held a ceremony to introduce the new investor, Krungsri Group of Thailand, and introduced the company under a new legal form licensed by the State Bank.

Previously, on May 23, SHB and Krungsri completed the transfer of 50% of SHB's capital at SHBFinance to Krungsri.

Speaking at the ceremony, Mr. Do Anh Quan, Deputy Director of the State Bank of Vietnam, Hanoi Branch, said that the role of financial companies is very important, being a timely channel of capital for society.

The participation of international financial institutions is a huge advantage for the Vietnamese market from experience to technology, additional resources and optimized business efficiency, thereby bringing consumers many choices from good products and superior service quality.

Mr. Do Quang Vinh - Vice Chairman of the Board of Directors and Deputy General Director of SHB expressed that with the support of Krungsri, SHBFinance will accelerate to become a leading strong financial company in Vietnam in technology and digitalization, serving millions of happy customers.

Finance - Banking - SHBFinance officially becomes a member of Thai Group

Mr. Do Quang Vinh - Vice Chairman of Board of Directors and Deputy General Director of SHB.

“For SHB, this transaction will also create more resources for our bank to strengthen its financial capacity and fundamentals, and continue to invest more in the digital transformation process. SHB will have its capital buffer increased, one of the bases to accelerate the implementation roadmap of Basel III and apply international financial reporting standards (IFRS) in 2023,” Mr. Vinh emphasized.

As a new investor and co-owner of SHBFinance, Mr. Dan Horoso - Representative of Krungsri, New Chairman of the Board of Members of SHBFinance, expressed his gratitude to the management agencies, departments and the Vietnamese government for their strong support for investors to access a potential and attractive market with a young population and a very fast recovery after Covid-19 like Vietnam. This is also a key market for Krungsri in its "Go ASEAN" journey.

Also at the ceremony, Ms. Olena Khlon - Permanent Deputy General Director of SHBFinance shared that, up to now, the charter capital ownership ratio of capital contributing members at this financial company is as follows: SHB bank owns 50% of charter capital and Krungsri of Thailand - a strategic member of MUFG Group (Japan) owns the remaining 50%.

In the next three years, SHB will transfer all 50% of its shares to Krungsri according to the deal signed in early August 2021 .

Source