Standard Chartered strengthens capital base in Vietnam, reinforcing its local commitment

                                 Bank completes Tier-2 capital injection of VND2.3 trillion (USD100 million)

Hanoi, 28 August 2019 - Standard Chartered Bank Vietnam (“the Bank”) announced today the completion of a Tier-2 capital injection of USD100 million (approx. VND2.3 trillion) on 23 August 2019. The move further enlarges the Vietnam franchise’s capital base, building on the Bank’s Tier-1 capital increase of around USD49 million (approx. VND1.1 trillion) in 2018 and bringing the Bank’s Own Capital to around USD300 million (approx. VND6.9 trillion). The capital injection strengthens the Bank’s readiness for early implementation of Basel 2 under Circular 41/2016/TT-NHNN issued by the State Bank of Vietnam.

Judy Hsu, CEO ASEAN and South Asia, Standard Chartered Bank, said: "Vietnam plays a central part in our ASEAN footprint and is an important part of our global network. We remain fully committed to the country, where we have been present for 115 years, and to our clients operating there. With our in-depth local knowledge, a comprehensive international network, and advanced product and advisory capabilities, I'm confident that we will continue to be a strong partner to our clients as they seek to meet their growth ambitions."

                            

Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business across the country. The Bank has expanded its distribution network by launching a new branch in District 7- a new central business district in Ho Chi Minh city and recruited more people to support its business growth. To make banking safer and more convenient for clients, the Bank also introduced cutting-edge digital services, from virtual credit cards and biometric safe deposit lockers to retail digital centres which allow clients to conduct transactions such as cash deposits and withdrawals, access online banking services and contact the client care team round the clock.

Nirukt Sapru, CEO Vietnam and ASEAN and South Asia Cluster Markets, Standard Chartered Bank, said: "Vietnam continues to offer an exciting business opportunity, thanks to its strong fundamentals and economic prospects. We have built a strong business in Vietnam and aspire to take it to greater heights. The additional capital will enable us to further develop our award-winning digital capabilities and ensure we continue to meet and exceed our client’s expectations as their trusted, 21st century banking services provider."

As the Bank grows and reinforces its commitment to Vietnam, it continues to contribute significantly to the country’s development: helping international clients invest in Vietnam and Vietnamese people and companies connect with the world and global supply chains. The Bank works with the government, regulators, investors, businesses, and employees to further strengthen Vietnam’s economy by attracting foreign direct investment, facilitating global and regional trade, growing the banking sector, and enabling people and enterprises to access world-class financial services. The Vietnam franchise also continues to play an active role in the development of the local capital markets, acting as the placement agent for numerous VND-denominated guaranteed bond issuances for Vietnamese enterprises in recent years. 

Moreover, the Bank maintains a strong focus on contributing to the development of Vietnam’s SMEs and priority sectors: offering preferential lending programmes and organising workshops to help businesses enhance their knowledge and capabilities to play a bigger role in the economy. Most recently, the Bank co-hosted the third Bridging ASEAN seminar entitled “Growth Strategies for Mid-corporates”, gathering over 100 business leaders from Vietnam and Asia who discussed ways for mid-corporates to succeed in the current economic landscape.

Standard Chartered Bank Vietnam has been named “The Best International Bank in Vietnam 2018” by Asiamoney and most recently, “The Best Foreign Retail Bank in Vietnam 2019” by International Business Magazine. The Bank has also been recognised by HR Asia as one “The best companies to work for in Asia” for two consecutive years in 2018 and 2019.  Corporate social responsibility is another key pillar of the Bank’s commitment to the Vietnamese community: The Bank has donated over USD4.3 million towards treating preventable blindness in Vietnam through its Seeing is Believing program, as well as over USD400,000 towards empowering adolescent girls with life skills through sport as part of the Goal program.