SHB named “Bank of the Year” 2020 Vietnam hinh anh 1Saigon - Hanoi Commercial Joint Stock Bank named named “Bank of the Year” 2020 Vietnam (Photo: VNA)

Hanoi (VNA) – Saigon - Hanoi Commercial Joint Stock Bank (SHB) has just become the only Vietnamese representative to be honoured as “Bank of the Year 2020” by The Banker magazine.

This is the fourth year SHB has received this prestigious award.

Along with the positive growth in ROE (return on equity), net profit, especially the impressive increase in charter capital and total assets, SHB has shown sustainable development in both scale and business operation.

As part of its efforts to support small- and medium-sized enterprises (SMEs), in December 2019, the bank parrtnered with Amazon Vietnam to help bring Vietnamese products to the US market.  

The partnership also proved to be timely, as the emergence of COVID-19 pushed many Vietnamese consumers to shop online.  

Domestically, SHB also signed an agreement with the Ministry of Planning and Investment’s Enterprise Development Fund to provide low-interest loans for SMEs.

According to The Banker, supporting the SME segment has always been a key activity, demonstrating the level of SHB's dedication to the country in recent times, which has largely contributed to helping it win the “Bank of the Year” award in Vietnam.

In 2020, SHB has deployed a credit package of 25 trillion VND (over 1 billion USD) with incentives on lending interest rates, banking service fees, especially reducing the minimum lending interest rate by 2 percent a year compared to the normal interest rate. In addition to interest rate incentive packages, SHB continues to implement debt restructuring, debt rescheduling and debt forbearance as well as interest and fee exemptions.

Founded in 1926 and based in London of the UK, The Banker by Financial Times is now one of the world’s leading journals for economics, finance and commerce.

"Bank of the Year" is an annual award organised by The Banker to honour the best banks of the year across 120 countries around the world./.