Shinhan Bank Vietnam announced on Jan. 16 that S&P granted a long-term credit rating of BB.
At present, Vietnamese banks’ credit ratings range from BB- to B+ and Shinhan Bank Vietnam has the highest S&P credit rating in the banking sector of the country, whose sovereign credit rating is also BB. The recent credit rating adjustment for the South Korean bank was based on Shinhan Financial Group’s stable support for Shinhan Bank Vietnam.
Especially, S&P adjusted the rating to BB after provisionally changing it to A in view of the sovereign credit rating of Vietnam. “We will continue to make efforts so that even more customers and investors can trust us,” Shinhan Bank Vietnam said.
Established in 2009, the bank currently running 36 branches in Vietnam posted a total net asset of US$4.45 billion at the end of last year. It acquired the retail banking business unit of ANZ Vietnam in 2017 and is currently one of the largest foreign banks in Vietnam. In October last year, it satisfied Basel II ahead of any other foreign bank in the country.