Tuesday,  Oct 23, 2018,12:43 (GMT+7) 0 0
SCB enters into comprehensive cooperation deal with Hong Kong Huarong Financial
Nam Phuong
Friday,  Dec 29, 2017,14:04 (GMT+7)

SCB enters into comprehensive cooperation deal with Hong Kong Huarong Financial

Nam Phuong

Sai Gon J.S. Commercial Bank (SCB) and Huarong International Financial Holdings Limited (Hong Kong Huarong Financial) entered into a comprehensive cooperation deal on December 12, 2017.

With this cooperation, SCB and Hong Kong Huarong Financial will support each other in all operational aspects such as investment, finance management, partner introduction, search and implementation of investment projects. Especially, with strong financial capability and rich knowledge, Hong Kong Huarong Financial will provide financial support as well as consultations to SCB in construction of infrastructure, industrial zones, economic areas, housing projects, etc. in Ho Chi Minh City and nearby areas. In return, with 25 years of experience in finance in Vietnam, SCB will support Hong Kong Huarong Financial in surveying Vietnam’s market, setting a foundation for the expansion of the Hong Kong-based group.

Hong Kong Huarong Financial belongs to China Huarong Asset Management Co., the first multi-function financial group listed abroad. Huarong Financial, based in Hong Kong, operates in three main business fields: stock brokerage, financial investment and asset management. As end of 2016, total assets of Hong Kong Huarong Financial reached approximately HKD22.3 billion, which is around VND64,750 billion. Huarong Financial is currently listed on Hong Kong stock market (stock code: 0993.HK).

Huarong Financial receives huge support from China Huarong Asset Management Co. in finance, prestige and operational governance. It is one of the four asset management companies established by China’s Governement in 1999 to support the banks in handling with bad debts. China Huarong Asset Management Co. is currently managing an investment porfolio of approximately US$200 billion in many aspects including infrastructure, industrial zones, airports, and highways.

With significant operational achievements for the last years and strong support in finance and experience from its parent group, Hong Kong Huarong Financial has steadily expanded its operation to nearby regions, especially in Indochina, including Vietnam. Hong Kong Huarong Financial’s brand and market has constantly grown. In April 2017, Hong Kong Huarong Financial has been awarded for “Outstanding enterprise financial operation” by Bloomberg Businessweek/Chinese version.

After 25 years of operation, SCB has become one of the leading commercial banks in Vietnam with total assets of VND430,000 billion (US$19 billion), charter capital of VND14,295 billion (US$630 million) as of the end of September 2017. The SCB network covers 26 cities/provinces with more than 5,000 full-time employees. With strong financial capacity, modern technology background, diverse product and service packages, SCB is projected to become one of the leading multi-function, modern retail banks in Vietnam, providing best financial solutions to customers.

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