Vietnamese bank makes deal with foreign consultant
The Vietnam Public Bank (PVcomBank) on November 27 agreed a deal with the leading global advisor Boston Consulting Group (BCG) to build a business strategy for the firm.
The six-month project aims to make the bank one of the top credit institutes in Vietnam.
During the project, BCG will help improve capacity for the bank’s staff and officials, while conducting a technology transfer to the bank.
Founded in 1963, BCG is a global management consulting firm and the world's leading advisor on business strategy, with 79 offices in 44 countries.
It partners with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises.
PVcomBank officially debuted on October 3 with assets totalling VND100 trillion (US$4.7 billion) and charter capital of VND9 trillion (US$423 million).
It was founded after shareholders of Western Bank and PetroVietnam Finance Corporation, approved a merger.
The establishment of PVcomBank is part of a plan by the State Bank of Vietnam to restructure the banking system, which has seen the mergers and acquisitions (M&A) of several banks in the last two years.