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Banking News (week 15, 2021)

Banking News (week 15, 2021)

Thursday 15, 04 2021
Following is the news brief on Vietnam’s banking industry for the 14th week of 2021 compiled by VietnamCredit.

+ Ban Viet Bank has officially implemented the project "Risk-Adjusted Return on Capital (RAROC)" with the consultation of KPMG Tax and Advisory Limited. This is a follow up of the results achieved from the project “Internal assessment of ICAAP adequacy capital” of Ban Viet Bank. Ban Viet is considered one of the first banks to implement this project.

+ Saigon Bank (SCB) has just announced business results for the first quarter of 2021. SCB's continued to be one of 5 joint-stock commercial banks with the largest scale in the country. As of March 31, 2021, SCB's asset size had reached VND 660,580 billion, an increase of 13.9% compared to the same period last year, maintaining the 5thposition in Vietnam's credit institution system. It is also a private joint stock commercial bank with the largest total assets.


+ From March 26 to June 25, 2021, the National Bank (NCB) will be carrying out promotion program "Open Cards - Get Gifts". Specifically, customers who open new cards and convert magnetic cards to chip cards will receive practical incentives such as: free card issuance; first year annual fee waiver and one Lock & Lock bottle.

+ An Binh Commercial Joint Stock Bank (ABBANK) has implemented the preferential program "Sponsor VND with foreign currency interest rates" with attractive policies for customers. Accordingly, corporate customers eligible for credit granting in accordance with the law and regulations of ABBANK, when participating in the program, will be able to borrow VND at a preferential interest rate of only 4.4% per year to buy foreign currencies to make payments or to repay foreign currency loans. In addition, for additional loans, corporate customers will be offered preferential loan interest rate in VND from only 4.9% / year.


+ VietABank has just launched VietABank EZMobile digital banking application. With this app, customers can quickly perform basic financial transactions such as account management, 24/7 money transfer, and online savings deposit. In particular, the QR Pay utility helps customers pay all bills when shopping, eating, traveling, public services, etc. quickly and conveniently at more than 100,000 points accepting VNPAY- QR across the country.

+ Credit rating agency Moody's has just upgraded Sacombank's long-term deposit rating from Caa1 to B3 with stable prospects, and upgraded the baseline credit assessment (BCA) to Caa1 from Caa2. Moody's also noted that the credit ratings of Sacombank may increase in the future if the bank significantly improves its ability to repay loans through liquidating problem assets, increases provisioning and gets permission from the State Bank to increase capital.


+ From now until the end of April 30, 2021, Sacombank will launch the promotion "Online payment - Great deals" for individual customers who buy air / train / car tickets, book hotels, make payment via QR codes, shop online via Sacombank mBanking and Sacombank Pay application. Specifically, customers will be refunded 50% (maximum VND 200,000) when buying air / train / car tickets, booking a hotel (each customer will be refunded once for each service).

+ Vietcombank is simultaneously deploying attractive interest rate incentive packages for individuals and small & medium enterprises wishing to borrow capital. Accordingly, from April 2021, the competitive interest rate program was implemented with the preferential lending interest rate from only 6.79% / year in the first 6 months or 7.29% / year in the first 12 months.


+ From now to the end of December 31, 2021, Vietnam Maritime Commercial Joint Stock Bank (MSB) is having a free international outgoing money transfer program named "0 VND for the first time - Money transfer across five continents". Accordingly, businesses that make transactions at MSB for the first time will be exempted from 100% of international outward remittance fees (applicable to various currencies such as USD, EUR, JPY ...) at competitive rates. Within 1 month from the first transaction, customers are entitled to a 50% discount and from the second to the third month from the first transaction, customers may enjoy 30% discount on fees.

Compiled by VietnamCredit

Banking & Finance

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