Shinhan Bank - The 25 Years Of Strong Development
After 25 years of presence and development in Vietnam, Shinhan Bank Vietnam ("Shinhan Bank") confirmed its position as one of the leading foreign banks in Vietnam.
In order to achieve this, Shinhan Bank has established a solid foundation right from the beginning, based on strong internal financial resources, modern technology and high quality human resources.
Shinhan Bank – the pride of South Korea
As a member of Shinhan Financial Group, one of the four leading Korean financial groups listed on the Korean and New York Stock Exchange, Shinhan Bank inherits almost all of the strong finance and high technology applications of the parent corporation. In Korea, Shinhan Financial Group has had the largest market capitalization for many years and is considered a financial corporation with steady growth potential.
Not only being known as the flagship of Shinhan Financial Group, Shinhan Bank has also expanded its network around the globe. Currently, Shinhan Bank is present in 20 countries with a network of more than 1.000 branches and 18.000 highly trained staff.
The commitment to provide the safest and most convenient financial services to customers, in consecutive years 2016 and 2017, Shinhan Bank is honored to be one of the Top 50 World's Safest Bank listed by Global Finance magazine. In order to achieve this title, Shinhan Bank had to meet many stringent criteria set by Global Finance such as asset growth, profit growth, geographic scope, strategic vision and product advancement, service quality... compared to other competitors.
25 years of strong development in the Vietnam market
In its global expansion strategy, Shinhan has been targeting Vietnam very early, as this is a potential market with great internal forces, stable economic growth and open investment policy. In 1993, Shinhan Bank opened its first representative office in Ho Chi Minh City. At the time, Shinhan Bank was considered as a pioneer enterprise to promote diplomatic relations between Vietnam and Korea. By 2008, Shinhan Bank was licensed and became one of the five 100%-foreign-owned banks in Vietnam. By 2011, with the merger with Shinhan Vina Bank, Shinhan Bank officially became the largest foreign-owned bank in Vietnam at the time. According to the 12/2016 financial statement, the total assets of Shinhan Bank has reached $2.48 billion, a 30% growth compared to 2015. Owner's equity was $672 million, an increase of nearly 50% over the same period of previous year. Net profit (ROA) from service activities grew by 2.21%. In addition to the low NPL ratio of less than 1%, Shinhan Bank has a good credit growth of 12.8% in 2016. By the end of the second quarter this year, Shinhan Bank is a wide-network foreign bank in Vietnam with 18 branches and transaction offices.
The strong and stable growth of Shinhan Bank in Vietnam over the past 25 years has been attributed to its financial prestige, outstanding technology and, most importantly, its commitment to sustainable development in Vietnam. Mr. Shin Dong Min, General Director of Shinhan Bank, commented: “The strategy of Shinhan Bank in Vietnamese market is not only about to expand marketshare in Vietnam, but also accompany and grow with the banking industry and the economy of Vietnam”
Shinhan has actualized this strategy through the acquisition of ANZ's retail banking business in Vietnam, with the expectation of a strong push for retail banking. In the coming time, after the deal is approved by the State Bank, Shinhan Bank will not only be the leading Korean business on the market, but will also serve the Vietnamese market with international-standards products and services for retail banking customers. The next steps of Shinhan Bank in Vietnam will be much stronger thanks to the trust from Vietnamese consumers.