On March 27, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong had a meeting with Mr. Masahiro Yoshimura, Managing Director of Sumitomo Mitsui Banking Corporation (SMBC) cum General Manager of the Business Development Department at Sumitomo Mitsui Financial Group (SMFG).
SBV Governor Nguyen Thi Hong meets SMBC Managing Director cum General Manager of the Business Development Department at SMFG.
At the meeting, Mr. Masahiro Yoshimura briefed the hosts of the agreement regarding the SMBC’s acquisition of 15% stake in VPBank for VND 36 trillion, making the SMBC officially become a strategic investor of VPBank and positioning VPBank as one of the largest banks in the banking sector in Vietnam. This capital resource would also help VPBank enhance its financial capacity to meet the capital demands from its customers, including very large-scale companies, especially FDI and multinational ones making investment in Vietnam.
In addition, Mr. Masahiro Yoshimura also informed that, as a strategic investor, the SMBC would contribute to the growth of VPBank through sharing experience as well as new banking service products in the digital transformation process.
SBV Governor Nguyen Thi Hong spoke highly of the SMBC’s role as a member of the SMFG and one of the largest banks in Japan, with its current operations in Vietnam through the two branches in Hanoi and Ho Chi Minh City, as well as its emergence now as a strategic shareholder of VPBank. The SBV Governor added that, in the context of the restructuring of the credit institution system, in which one key objective is to enhance the financial capacity for the commercial banks, the signing of the cooperation agreement between VPBank and the SMBC is a positive sign for Vietnam’s economy, while the global financial system is still facing many difficulties and challenges. Besides, in the current context of the 50th anniversary of the establishment of diplomatic ties between Japan and Vietnam, the signing of this Agreement once more reflects that Japan is always a trusted partner for Vietnam’s banking sector.
SBV Governor Nguyen Thi Hong and Mr. Masahiro Yoshimura, together with participants from the two sides.
On this occasion, SBV Governor Nguyen Thi Hong expressed her hope that the SMBC would continue to become a bridge to attract and encourage more foreign investors to explore and expand their investment in Vietnam, thereby supporting the sustainable and healthy development of Vietnam’s economy.
Le Hang