In the context of complicated development of Covid-19 pandemic affecting the economy, Moody’s maintenance of credit ratings of Saigon – Hanoi Bank (SHB) demonstrates that the bank has a solid financial position, good risk management with steady improvement and stable long-term development prospect. Also during this period, SHB was honored to be in the Top 10 prestigious commercial joint stock banks of Vietnam, Top 50 outstanding growth enterprises, affirming its prestigious position, sustainable growth with modern technology and a portfolio of diversified products and constantly improved service quality.
After nearly 4 months since Moody’s announcement of the review, assessment of risk, financial strength and development prospect of the rated banks in Vietnam in the context of the complicated development of Covid-19 pandemic, in the recent announcement, SHB’s credit ratings are maintained by Moody’s with stable outlook. In particular, Long-term Deposit Ratings (Foreign and Local Currency) is confirmed at B2; Long-term Counterparty Risk Ratings (Foreign and Local Currency) is confirmed at B1, etc. In addition, consumer finance company SHB Finance is also assessed by Moody’s with stable outlook.
The decision to maintain SHB’s credit ratings in the context of the global economic downturn reflects the relentless efforts and proactive adaptation of the bank in the past time and affirms its strong financial position, safe operation, sustainable development and good resilience to Covid shocks. On one hand, the bank responded to the call of the Government and the State Bank of Vietnam with the spirit of always accompanying, sharing and actively supporting customers to overcome difficulties. On the other hand, it also ensures growth, good risk management and appropriate and effective business activities in the context of complicated development of the Covid-19 epidemic which negatively affects almost all sectors of the economy.
Also recently, SHB was honored in the Top 10 prestigious commercial joint stock banks of Vietnam, Top 50 best growth enterprises by Vietnam Report. These rankings recognize the achievements and honor the most prestigious banks which make positive contribution to the development of the banking and finance industry, creating a solid foundation for the sustainable development of the financial market of Vietnam in the future.
Also according to the Vietnam Report’s vote, SHB was honored in the FAST500 Ranking and Top 50 Best Growth Enterprises. “SHB has affirmed its superior position in the fastest growing business community in Vietnam in terms of stable, sustainable business performance, law compliance and fulfillment of contribution obligation to the state budget, etc. This is an exceptionally outstanding achievement that deserves recognition and SHB has the right to be proud of being one of the enterprises with the best and most sustainable growth rate, which is a typical model for the success of the fast growing business community, contributing to the recovery of the economy, opening up many opportunities and attracting foreign investments” appreciated by Vietnam Report.
In addition to the high appreciation of domestic organizations, SHB has been honored by two prestigious magazines in the global finance and banking industry namely International Finance Magazine (IFM) and Global Banking and Finance Review (GBFR) with the two awards “Most User-Friendly Mobile Banking Application Interface” and “Best Savings Account Vietnam”. The prestigious domestic and international awards are testament to creative and endless efforts to diversify and improve the quality of SHB’s products and services aimed at the goal of becoming the leading modern universal retail digital bank in Vietnam to meet the increasing demand of customers.
In the past time, SHB has actively resolved/recovered bad loans to customers. SHB has also increased its charter capital to VND 17,558 billion from the issuance of more than 550 million shares including dividend payment and stock issuance to the public. Thereby, SHB has ensured compliance with capital adequacy ratios as prescribed in Circular 41/2017/TT-NHNN and basically completed all the pillars of Basel II.
In addition, SHB identified 2020 as a year of strong transformation in terms of strategy, business model, organizational structure, risk management, and bank modernization. SHB’s Board of Directors has worked with the world’s leading strategic consultants to establish three strategic project committees directly directed by the Chairman of the Board to build a sustainable and differentiated development strategy with long-term vision, bank modernization strategy towards digital banking and governance & management restructuring. The strategic goal of SHB by 2025 is to become one of the three largest modern retail joint stock commercial banks in Vietnam, a leading bank in the transformation of digital bank with financial ratios approaching the international standards including Basel III.
Over 27 years of establishment and development, SHB has achieved safe, transparent and sustainable development. SHB currently ranks among the Top 5 largest joint stock commercial banks in Vietnam, Top 10 most prestigious joint stock commercial banks in Vietnam, Top 100 ASEAN banks, Top 500 banks in Asia – Pacific and Top 1,000 global banks and one of 10 credit institutions of systematic importance in the Vietnam’s banking system, etc. SHB is honored to be awarded the Second-Class Labor Medal (for the second time), Third-Class Labor Medal and numerous flags, merit certificates from the Government, Ministries, Industries, Unions and other noble awards.