The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) was awarded the 2012 Elite Quality Recognition Award for Outstanding Achievement by top US bank JPMorgan.

JPMorgan evaluates payment service quality of its correspondent banks in order to consider giving the STP (straight through processing) award to banks with STP ratio higher than 99 percent. Techcombank’s STP ratio in 2011 was 99.79 percent.

The award recognised Techcombank’s capacity in the provision of international payment services with speed and accuracy, saving time and costs, JPMorgan said.

The bank was given the titles “ Vietnam ’s Best Bank in 2011”, “Best Cash Management Bank in Vietnam in 2011” and “Best Trade Finance Bank in Vietnam in 2011” and became the first Vietnamese bank to receive the three international awards of FinanceAsia.

According to FinanceAsia magazine, Techcombank is one of the fastest growing commercial banks in Vietnam . The bank has expanded its network by opening 94 new branches to increase its total branches to 300, and operating over 1,000 ATMs.-VNA