SHB Finance announced new chairman and posted stable performance in 2020

08:00 | 12/01/2021
Hanoi-based commercial lender Saigon-Hanoi Commercial Joint Stock Bank (SHB) last week announced a senior personnel nomination at its member company, Saigon-Hanoi Commercial Bank Finance Co., Ltd. (SHB Finance).    

Do Quang Vinh, deputy director of SHB Retail Banking, was appointed as the chairman of the Board at SHB Finance for 2016-2021 term, starting from January 8, 2021.

Vinh holds a Master’s Degree of Finance and Management from the University of East Anglia, UK, and has filled in senior management positions in finance and banking.

shb finance announced new chairman and posted stable performance in 2020
Do Quang Vinh was appointed as the chairman of the Board at SHB Finance for 2016-2021

By the end of 2020, SHB Finance has been running its full business in consumer finance for three years, reaching 40 key cities and provinces.

Facing the challenges of 2020, SHB Finance has quickly adapted, strictly controlled debt quality and credit scale, implemented flexible policies in the challenging business conditions. At the same time, the company has scaled up efforts to stay in sync with the ecosystems of the partners so as to fully deliver digitalized financial services.

Dinh Quang Huy, CEO of SHB Finance, shared, “Along with the efforts to ensure employment and income for nearly 4,000 employees, SHB Finance has shared the financial burdens of customers through debt restructuring and softening interest rates for customers who were affected by the COVID-19 pandemic."

shb finance announced new chairman and posted stable performance in 2020
SHB Finance shook hands with representative of MasterCard to provide customers with international credit cards

In 2020, Moody's, a leading credit rating organization, announced that SHB Finance's credit rating results remain unchanged at B3, with stable outlook. In November, the company signed an agreement with MasterCard – a global leader in payments services – to provide international credit cards to customers by 2021.

Facing the challenges of 2020, SHB Finance has quickly adapted, strictly controlled debt quality and credit scale, implemented flexible policies in the challenging business conditions.

In 2020, SHB Finance recorded stable business results with a pre-tax profit of VND70 billion ($3 million), ending with a balance of VND3.7 trillion ($160.87 million), bad debts were strictly controlled, while serving nearly 700,000 customers.

These results lay the bedrock for SHB Finance to continue the sustainable and efficient strategy for business operations in 2021.

SHB Finance was established under the Business Establishment License No.77/GP-NHNN dated December 12, 2016 by the State Bank of Vietnam. As of June 30, 2018, the company had VND1 trillion ($43.5 million) in charter capital which is wholly owned by the parent bank, SHB.

SHB Finance focuses on providing cash lending services to customers – employees, workers, small businesses, and other customers who can provide service invoices.

To date, SHB Finance has served up to 700,000 customers in 40 provinces and cities with more than 4,000 employees.

By Hong Thuy

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