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Banking & Finance

Standard Chartered strengthens capital base in Vietnam

Released at: 10:54, 30/08/2019

Standard Chartered strengthens capital base in Vietnam

Photo: Standard Chartered Vietnam

Bank completes Tier-2 capital injection of $100 million.

by Hong Nhung

Standard Chartered Bank Vietnam announced the completion of a Tier-2 capital injection of $100 million on August 23.

The move further enlarges the Vietnam franchise’s capital base, building on the bank’s Tier-1 capital increase of around $49 million in 2018 and bringing its own capital to around $300 million. The capital injection strengthens the bank’s readiness for the early implementation of Basel 2 standards under Circular No. 41/2016/TT-NHNN from the State Bank of Vietnam (SBV).

“Vietnam plays a central part in our ASEAN footprint and is an important part of our global network,” said Ms. Judy Hsu, CEO of Standard Chartered Bank, ASEAN and South Asia. “We remain fully committed to the country, where we have been present for 115 years, and to our clients operating there.”

“With our in-depth local knowledge, a comprehensive international network, and advanced product and advisory capabilities, I’m confident that we will be a strong partner for our clients as they seek to meet their growth ambitions.”

Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business around the country. It has expanded its distribution network by launching a new branch in District 7 - a new CBD in Ho Chi Minh City - and recruited more people to support its business growth.

To make banking safer and more convenient for clients, the bank also introduced cutting-edge digital services, from virtual credit cards and biometric safe deposit lockers to retail digital centers that allow clients to conduct transactions such as cash deposits and withdrawals, access online banking services, and contact the client care team around the clock.

“Vietnam continues to offer an exciting business opportunity, thanks to its strong fundamentals and economic prospects,” said Mr. Nirukt Sapru, CEO of Standard Chartered Bank, Vietnam and ASEAN and South Asia Cluster Markets.

“We have built a strong business in Vietnam and aspire to take it to greater heights. The additional capital will enable us to further develop our award-winning digital capabilities and ensure we continue to meet and exceed our client’s expectations as their trusted, 21st century banking services provider.”

As the bank grows and reinforces its commitment to Vietnam, it continues to contribute significantly to the country’s development, helping international clients invest in Vietnam and Vietnamese people and companies connect with the world and global supply chains.

The bank works with the government, regulators, investors, businesses, and employees to further strengthen Vietnam’s economy by attracting FDI, facilitating global and regional trade, growing the banking sector, and enabling people and enterprises to access world-class financial services.

The Vietnam franchise also continues to play an active role in the development of local capital markets, acting as the placement agent for numerous VND-denominated guaranteed bond issuances for Vietnamese enterprises in recent years.

Moreover, the bank maintains a strong focus on contributing to the development of Vietnamese SMEs and priority sectors, offering preferential lending programmes and organising workshops to help businesses enhance their knowledge and capabilities to play a bigger role in the economy.

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