Mr. Chen Yi-Chung (Jeremy Chen)

HCM CITY — Sai Gon J.S. Commercial Bank has announced the appointment of Chen Yi-Chung (Jeremy Chen) as acting CEO.

His appointment comes amid the bank’s “Transformation and sustainable development strategy in phase 2020-2030” drawn up in consultation with McKinsey & Company.

Jeremy is expected to direct the successful application of the transformation strategy, that seeks to make SCB one of the most profitable banks in the near future.

He has over 20 years of experience in the investment, banking and finance industries.

He has served as a senior executive at major corporations and banks: He was vice president Asia – Pacific for Citibank; deputy director of direct investment team, Standard Chartered Bank and deputy CEO at China Billion Resources Ltd.

He has an MBA from the University of Chicago Booth School of Business.

SCB’s board of directors has named Hoang Minh Hoan, his predecessor, as standing deputy CEO.

After 10 years at SCB, with profound expertise and deep understanding about the bank, Hoan will support Chen Yi-Chung in effecting the strategic transformation.

As of September 30 SCB’s total assets were VND611.694 trillion, which underline its status as one of the country’s five largest banks and the top non-state commercial bank in terms of total assets.

In the first nine months the bank reported excellent performance, with securities and forex trading of VND462 billion and net income from service activities being VND963 billion.

In recent years SCB’s service offerings have grown steadily, reflecting the restructuring strategy, which aims to gradually reduce dependence on traditional lending activities.

In terms of personal financing services, SCB reported impressive results with strong growth in payment activities through its eco-system of international cards, eBanking and bancassurance.

The comprehensive transformation strategy is expected to create a solid foundation for the bank’s development.

Its main features include converting its business operation models, setting risk management standards based on international practices, optimising operational efficiency, digitalizing banking operations, training human resources, building a corporate culture, etc. with McKinsey providing advice and support during the actual implementation.