SCB appoints foreign acting CEO

By Phat Dat   October 11, 2020 | 06:00 pm PT
Sai Gon Joint Stock Commercial Bank (SCB) has announced the appointment of Chen Yi-Chung (Jeremy Chen) as new acting CEO.

The move came amid the drastic implementation of SCB’s "Transformation and sustainable development strategy in phase 2020-2030", with strategic consultation from McKinsey and Company.

It is hoped Jeremy Chen would deliver direction for SCB to successfully carry out its transformation strategy, aiming to make SCB one of the top profitable banks in the near future.

Mr. Chen Yi-Chung delivering his speech in the ceremony.

Chen Yi-Chung delivers his speech in the appointment ceremony.

Prior to joining SCB, Jeremy Chen had gained over 20 years of experience in investment, banking and finance industries. He had formerly served as vice president of Citibank Asia – Pacific, deputy director of Direct Investment Team - Standard Chartered Bank, and deputy CEO of China Billion Resources Ltd. Chen holds a Master of Business Administration degree from The University of Chicago Booth School of Business.

Hoang Minh Hoan, Chen Yi-Chung’s predecessor, was assigned by SCB’s board of directors as standing deputy CEO. After 10 years at SCB, with profound expertise and a deep understanding of the company, Hoang Minh Hoan will proactively support Chen Yi-Chung during the strategic transformation drive.

Mr. Chen Yi-Chung receiving the decision on appointing acting CEO.

Chen Yi-Chung receives the decision to appoint him SCB's acting CEO.

As of September 30, SCB’s total assets had reached VND611,694 billion, affirming its status as one of the largest banks in terms of total assets held. In the first nine months, it witnessed positive achievements in business activities: securities and forex trading reaching VND462 billion and net income from service activities VND963 billion.

"In recent years, SCB’s service activities have grown steadily, reflecting its restructuring strategy with the aim of gradually reducing dependence on traditional credit activities. In terms of personal financing services, SCB made impressive strides in the market with the strong growth of payment services through the ecosystem of international cards, eBanking, and bancassurance," an SCB representative said.

The representative added the comprehensive and in-depth transformation strategy is projected to create a solid foundation for the bank’s future development. Accordingly, strong actions including converting business operation models, setting risk management standards as per international practices, optimizing operational efficiency, digitalizing banking operations, training well-qualified human resources, building corporate culture... are closely advised and supported by McKinsey during implementation.

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