SCB Appoints Foreign Acting CEO - Vietnam Investment Review

Jeremy Chen, the new acting CEO of SCB

SCB has every confidence that Jeremy Chen will deliver rightful directions for the bank to carry out its transformation strategy, aiming to make SCB one of the most profitable banks in the near future.

Prior to joining SCB, Jeremy Chen had over 20 years of experience in the investment, banking, and finance industries. He served in senior leadership positions at major corporations and banks, such as vice president of Citibank Asia-Pacific; deputy director of the Direct Investment Team at Standard Chartered Bank; and deputy CEO of China Billion Resources Ltd. Jeremy Chen has obtained a Master of Business Administration degree from the University of Chicago Booth School of Business.

Hoang Minh Hoan, Jeremy Chen’s predecessor was assigned by SCB’s Board of Directors as standing deputy CEO. After 10 years at SCB, with profound expertise and deep understanding about SCB, Hoan will proactively support Jeremy Chen in the strategic transformation.

Jeremy Chen receiving his appointment

As of September 30, 2020, SCB’s total assets reached VND611.694 trillion ($26.6 billion), affirming its status as one of the five largest banks and leading non-state commercial banks in terms of total assets. In the first nine months, the bank has witnessed positive achievements in business activities: securities and forex trading reached VND462 billion ($20 million) and net income from service activities VND963 billion ($41.87 million).

In recent years, SCB’s service activities have grown steadily, reflecting the restructuring strategy with the aim of gradually reducing dependence on traditional credit activities. In terms of personal financing services, SCB made impressive advances in the market with the strong growth of payment activities through the ecosystem of international cards, e-banking, and bancassurance.

The comprehensive and in-depth transformation strategy is projected to create a solid foundation for the bank’s development in the next phases. Strong actions include converting business operation models, setting risk management standards as per international practices, optimising operational efficiency, digitalising banking operations, training well-qualified human resources, and building corporate culture, among others, are closely advised and supported by McKinsey during the actual implementation.