Wednesday, August 16, 2017 - 22:26:17

Vietnamese bank makes deal with foreign consultant

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The Vietnam Public Bank (PVcombank) on November 27 agreed a deal with the leading global advisor Boston Consulting Group (BCG) to build a business strategy for the firm.

The six-month project aims to make the bank one of the top credit institutes in Vietnam .

During the project, BCG will help improve capacity for the bank’s staff and officials, while conducting a technology transfer to the bank.

Founded in 1963, BCG is a global management consulting firm and the world's leading advisor on business strategy, with 79 offices in 44 countries.

It partners with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises.

PVcomBank officially debuted on October 3 with assets totalling 100 trillion VND (4.7 billion USD) and charter capital of 9 trillion VND (423 million USD).

It was founded after shareholders of Western Bank and PetroVietnam Finance Corporation, approved a merger.

The establishment of PVcomBank is part of a plan by the State Bank of Vietnam to restructure the banking system, which has seen the mergers and acquisitions of several banks in the last two years.-VNA
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