Sai Gon J.S. Commercial Bank (SCB) has announced the decision on appointing Chen Yi-Chung (Jeremy Chen) as its acting CEO.

This appointment comes amid the drastic implementation of the 'Transformation and Sustainable Development Strategy in Phase 2020-2030' at SCB with strategic consultations from McKinsey & Company.

Chen is believed to deliver rightful directions to SCB for successfully carrying out the transformation strategy, aiming to make the lender become one of the top profitable banks in the near future.

Prior to joining SCB, Chen had over 20 years of experience in investment, banking, and finance industries.

He served as senior leaders in major corporations and banks such as vice-president at Citibank Asia – Pacific; deputy director of the direct investment team at Standard Chartered Bank; deputy CEO at China Billion Resources Ltd.

Chen has obtained a master of business administration degree from the University of Chicago Booth School of Business.

Hoang Minh Hoan, who is Chen’s predecessor, was assigned by SCB’s board of directors to be the standing deputy CEO.

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

As of September 30, 2020, SCB's total assets reached VND611,694 billion, affirming its status among the five largest banks and making it lead the non-state commercial banks in terms of total assets.

In the first nine months, the bank witnessed positive achievements in business activities, with securities and forex trading reaching VND462 billion and a net income from service activities hitting VND963 billion.

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 has gained an impressive foothold in the market with the strong growth of payment activities through an ecosystem of international cards, ebanking, 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 including converting business operation models, setting risk management standards as per international practices, optimizing operational efficiency, digitalizing banking operations, training well-qualified human resources, and building corporate culture, among others are closely advised and supported by McKinsey during the actual implementation.