SHB completed the transfer of 50% of SHBFinance's charter capital to partner Krun

Thus, after more than a year sinceSHB and Krungsi signed the capital transfer contract in August 2021, the two sides have completed the necessary steps and procedures for this leading credit institution in Thailand to officially hold 50% of charter capital at SHBFinance.

At the same time, SHBFinance will be converted from Saigon - Hanoi Commercial Joint Stock Bank One Member Limited Liability Finance Company to Saigon - Hanoi Commercial Joint Stock Bank Limited Liability Finance Company according to the new Decision and License of the State Bank of Vietnam on April 25.

Mr. Do Quang Vinh - Vice Chairman of the Board of Directors and Deputy General Director of SHB said that this transaction will bring significant surplus to SHB shareholders, creating more resources for the Bank to strengthen its financial capacity and fundamental factors, thereby promoting business activities in key segments. In particular, SHB will continue to invest more in the digital transformation process, opening up many new development opportunities for SHB in the region.

“The surplus from the deal also helps SHB strengthen its capital buffer, one of the bases to accelerate the implementation roadmap of Basel III and apply international financial reporting standards (IFRS) in 2023,” Mr. Do Quang Vinh emphasized.

For SHBFinance, the direct participation of Krungsri - a leading financial institution in the region with extensive experience - is expected to create new and comprehensive momentum for SHBFinance in accelerating the implementation of medium and long-term plans according to international standards, as well as in the strategy of developing a financial company with leading strengths in Vietnam in technology and digitalization.

Ms. Olena Khlon - Permanent Deputy General Director of SHBFinance shared: “SHBFinance sets a goal for 1 million happy customers, marking its 5th anniversary and being in the Top 5 largest consumer finance companies in Vietnam. With the support of Krungsri Thailand, we believe that this goal will be quickly realized.”

Through its investment in SHBFinance, Krungsri will expand its presence in Vietnam and strengthen its business operations in the region. With the addition of SHBFinance to its portfolio, Krungsri Bank has firmly established its presence in five ASEAN countries, making significant strides in fulfilling its commitment to connecting the needs of customers across the region.

Mr. Kenichi Yamato - President and CEO of Krungsri Bank expressed his delight at the milestone of completing this first capital transfer transaction. Krungsri would like to thank the relevant management agencies and competent authorities for their approval and support for the successful completion of the transaction.

“Vietnam’s economy is expected to continue to grow strongly thanks to its potential annual growth of about 6-7%, along with flourishing business opportunities due to rising consumption. Krungsri is recognized as a leading company in the consumer finance sector. Our expertise and experience will be an important lever for SHBFinance to provide superior services to customers with smart and accessible consumer finance solutions. We believe that the cooperation between Krungsri and SHBFinance will strengthen the brand, operational efficiency and promote SHBFinance’s position as a leading company in the Vietnamese consumer finance market,” added Mr. Kenichi Yamato.

YANGTZI

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