Techcombank projects pre-tax profits this year of VND500 billion (31mio US$) , according to the bank’s general director, Nguyen Duc Vinh.
The bank would also raise its chartered capital to VND3 trillion (186mio US$) by the end of the year, doubling the current level of VND1.5 trillion (93mio US$), Vinh said. It would also expand its current network of six branches and 40 transaction offices to a total of 120 offices nationwide this year.
Techcombank plans to continue focusing on individual customers and small- and medium-sized enterprises by developing new services and products, he added.
To improve business performance, the bank would implement the Temenos 24 core banking software system which would form a firm foundation for the bank to develop new products and provide a higher quality service.
Earlier this month, HSBC reached an agreement with Techcombank to acquire an additional 10% of shares in the bank once the State Bank of Viet Nam approves the deal.
Under current regulations, a single foreign institution can only hold as much as 10% in a domestic bank, and HSBC already holds a 10% share in the bank. HSBC was waiting for the State Bank to change the regulation and lift the foreign ownership ceiling to 20%.
HSBC has already formed a strategic partnership with Techcombank, assisting the latter in corporate governance, technical support and risk management.
Vinh said that co-operation with a foreign bank was effective if the local bank itself was willing to look carefully into all aspects of banking operations from technology to human resources.
Techcombank has defined HSBC as its exclusive strategic partner and does not plan to enter into a relationship with an additional foreign or domestic partner, Vinh noted.
Source: VNS
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