News 6/12/2019 01:50

13th Meeting of the Steering Committee for Strategic Cooperation between VietinBank and MUFG Bank

On June 7, 2019, the 13th meeting of the Steering Committee for Strategic Cooperation between VietinBank and MUFG Bank (SC13) took place at the VietinBank Representative Office in Ho Chi Minh City.

VietinBank's Board Chairman Le Duc Tho (left) addressed the meeting

Co-chairs of the meeting are Mr. Le Duc Tho - Board Chairman of VietinBank and Mr. Masaaki Suzuki - Senior Executive Director and Deputy Head of MUFG Global Commercial Banking Business Group. Mr. Suzuki has taken over from Mr. Atsushi Murakami as co-chair of the Steering Committee meeting upon Mr. Murakami's new assignment at MUFG Bank. Attendees from VietinBank's side also include the CEO - Mr. Tran Minh Binh, members of the Board of Directors and the Board of Management in charge of areas of cooperation between the two banks as well as managers of the business units involved in working groups as part of the cooperation.

Encouraging an open and focused discussion of the meeting, in his opening speech, VietinBank's Board Chairman Mr. Le Duc Tho has presented a brief review on delivery of the strategic cooperation goals as mutually agreed at the previous SC meeting. He also outlined a roadmap, action plan and solutions for achievement of the goals in the coming time. VietinBank's CEO Tran Minh Binh, in his presentation, provided an update on the bank's business performance in the first 5 months of 2019, and specific action plans for the remaining 7 months of the year toward achievement of set objectives. The CEO specifically emphasized key topics such as prudent and effective growth of the size of business, diversification of income structure, growth of demand deposits, cost management, labor productivity and strengthening financial capacity.

At the meeting, VietinBank’s Deputy CEO and CFO presented an in-depth analysis of changes in income and costs, and also touched on the ever-lasting significant topic of effective cost management strategy.

Working groups in retail banking, corporate banking and risk management in their respective presentations updated on their performance of cooperation themes. As a major bank with an established position in corporate banking business, VietinBank, in a bid to boost its retail banking business, has made efforts to promote customers’ awareness of the bank's brand identity and retail products. Support from MUFG Bank in general and MUFG secondees at VietinBank Retail Banking Division in particular has proven substantially helpful.

Several initiatives for cooperation between the two banks in corporate banking were cited as success stories in targeting Japanese and Vietnamese corporate customers. In risk and compliance, exchanges between the two banks have been made, contributing to VietinBank's full adequacy for compliance with regulatory requirements of the State Bank of Vietnam. VietinBank has been open for learning from good practices of MUFG Bank in the former's ongoing efforts to fully function its newly established Legal and Compliance Division.

13th SC Meeting in progress. (Photo's courtesy: Tuan Linh)

Under the meeting's agenda, sideline meetings were also held among senior management teams of the two banks and working groups as platform for in-depth discussions offering constructive ideas in respective areas of co-operation.

In his closing remarks, Mr. Suzuki expressed his impression by open talks and exchanges during the meeting. He showed high hopes for further efforts of the two banks toward raising the strategic alliance to a new level.

Mr. Le Duc Tho, Board Chairman of VietinBank extended gratitude to MUFG Bank for the latter's steady support over the past six years. Such positive performance of partnership over the past six years offers solid foundation for better cooperation in the time to come. Mr. Tho highlighted a broad consensus among the members on further exchanges and information sharing toward comprehensive cooperation, leveraging strengths of the two banks, capturing market opportunities, better effects of the cooperation and improving business performance of VietinBank, for greater returns to shareholders and better contribution to Vietnam's economic development.

Mr. Suzuki – Deputy Head of MUFG GCB Business Unit and his entourage in their visit to VietinBank’s Branch 1 in HCM City