Japan Bank to Continue Supports for Vietnam’s Eximbank: Executive

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) as the strategic partner will continue giving support to Vietnam Export Import Commercial JS Bank (EIB), or Eximbank, in many fields, affirmed an executive. Hiroshi Minoura, deputy president cum Board Member of SMBC made the statement at the ceremony to mark the five-year strategic partnership between the two banks. SMBC will assist Eximbank in managing risks, boosting retail banking, developing new products and improving product quality management to meet the diverse demands of customers, Mr. Minoura said. During five years of strategic cooperation, SMBC has helped Eximbank improve the latter’s planning capacity and risk management in line with international standards, the executive said. SMBC currently is the biggest shareholder in Eximbank, holding a 15% stake, followed by Vietcombank with 8.19% and VOF Fund of VinaCapital with 5.02%. The Hochiminh Stock Exchange-listed lender made a consolidated net profit of VND2.14 trillion ($101.8 million) last year, down 29.62% from a year earlier. Its total outstanding loans went up 0.35% to VND74.92 trillion while total deposits rose by 31.32% to VND70.46 trillion at end-2012. (http://www.eximbank.com.vn, saigondautu.com.vn Feb 25, thesaigontimes.vn Feb 25)