Techcombank, One of the Leading Commercial Banks in Vietnam

Only available on StudyMode
  • Topic: Management, Board of directors, Chairman
  • Pages : 5 (1481 words )
  • Download(s) : 51
  • Published : March 11, 2013
Open Document
Text Preview
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is currently one of the leading commercial banks in Vietnam in terms of total assets, loans, deposits and net income. It has built industry-leading franchises in retail deposits and SME and retail lending. In the 19 years since its establishment, it has developed a diversified range of financial products and services to cater to the financial needs of Vietnam's 50 million strong labor force and 305,000 private enterprises. Techcombank has successfully ridden the wave of financial liberalization and the ensuring rapid growth of the financial service sector in Vietnam to become one of the largest and most profitable banks in the country. Since the establishment in 1993, Techcombank has just set a simple aim of creating a profitable business that could contribute to Vietnam’s growing economy. Today, in 2013, the Bank’s targets are somewhat more far-reaching – to become the best bank and the leading business in Vietnam. The aim is to put Techcombank in the hearts and minds of the nation as the best and first choice bank. To achieve these aims, Techcombank has grown a highly capable and experienced management team who work closely with the board and supervisory committees to ensure the highest level of integrity and efficiency across our banking system. Good governance is the over-arching principle to ensure their success. Techcombank organizational structure is presented in the following chart:

[pic]Techcombank shareholders meet at least one time per year. The routine part of the general shareholders’ meeting includes approval of annual accounts, the election of the board of directors, and ratification of appointed auditors. In addition, shareholders can vote on proposals sponsored by management.

Board of directors, the governing body of Techcombank of which members are elected by the general shareholders’ meeting, has full right to be on behalf of Techcombank to decide, exercise rights and obligations of Techcombank, except those which belong to authority of the General Shareholders’ meeting. The BOD consists of 9 members, including Chairman of the BOD, First Vice Chairman, and 3 Vice Chairmen. All the BOD members are non-executive. Chairman and Vice Chairmen of the BOD are elected or dismissed by the BOD members with majority vote in the form of secret ballot or vote. A BOD term shall last 5 years. Office term of BOD members shall last no more than 5 years.

The CEO board of management (BOM) is responsible for executing the Bank’s development plans and reporting on the performance status for the best interests of Techcombank.

The Board of Supervisor is a body supervising operations of the Bank in accordance with legal regulations and Charter of the Bank. The board of supervisor consists of 4 members including Head of the Supervisory Board, where half of the Board is executive member.

The Audit Control & Compliance Department performs the Bank’s internal audit functions and reports to the Board of Directors and Supervisory Board.

The Board of Directors (BOD) Standing Committee is established to enhance interaction and information exchange between the Board of Directors and the Board of Managers on operations of Techcombank. It helps the Board of Directors be timely informed of the business performance of the bank, thus giving comments to support the Board of Managers in terms of direction. Audit and Risk Committee is responsible for some nomination and remuneration functions and duties relating to audit, verification, supervision and management of risks of banking operations as assigned/ delegated by the Board of Directors. Another committee established by the Board of Directors is the Nomination &Remuneration Committee. This Committee is in charge of performing some nomination and remuneration functions and duties which the Board of Directors assigns.

Besides the Head Office located in Hanoi, Techcombank also has...
tracking img