Thus, after more than a year since SHB and Krungsi signed the capital transfer contract in August 8, the two sides have completed the necessary steps and procedures for this leading Thai credit institution to officially hold 2021% of the charter capital at SHBFinance.
At the same time, SHBFinance will be transformed from a one-member limited liability finance company of Saigon - Hanoi Commercial Joint Stock Bank to a limited liability company of Saigon - Hanoi Commercial Joint Stock Bank under 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 a significant surplus for 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 roadmap for Basel III implementation and the application of international financial reporting standards (IFRS) in 2023," emphasized Mr. Do Quang Vinh.
With SHBFinance, the direct involvement of Krungsri - a leading financial institution in the region with extensive experience - is expected to create new and comprehensive impetus for SHBFinance in accelerating the implementation of medium and long-term plans according to international standards, as well as in the development strategy of a financial company with leading strengths in Vietnam in technology and digitalisation.
Ms. Olena Khlon – Permanent Deputy General Director of SHBFinance shared: “SHBFinance aims for 1 million happy customers, marking the 5th anniversary of its establishment and being in the Top 5 largest consumer finance companies in Vietnam. Together with Krungsri Thailand, we believe that this goal will quickly be realized.”
Through the investment in SHBFinance, Krungsri will expand its presence in Vietnam, as well as strengthen its business in the region. Adding SHBFinance to its portfolio, Krungsri Bank has firmly consolidated its presence in the five ASEAN countries, making great strides in delivering on its commitment to connecting customers' needs across the region.
Mr. Kenichi Yamato - President and CEO of Krungsri Bank expressed his delight at the completion of this first capital transfer transaction. Krungsri would like to thank the relevant regulatory agencies and authorities for their approval and support to make the deal a success.
“Vietnam's economy is expected to continue to grow strongly thanks to its annual growth potential of around 6-7%, coupled with flourishing business opportunities driven by increased consumption. Krungsri is recognized as a leader in consumer finance. Our expertise and experience will be the key leverage for SHBFinance to deliver superior services to customers with accessible and smart consumer finance solutions. We believe that the partnership between Krungsri and SHBFinance will strengthen the brand, operational efficiency and promote SHBFinance's position as a leading player in the Vietnamese consumer finance market," added Mr. Kenichi Yamato.
YANGTZE
