SHB Finance vice chairman steps down after Thai lender’s takeover

Do Quang Vinh has resigned as standing vice chairman and board member of SHB Finance, the consumer finance arm of Saigon-Hanoi Bank (SHB).

Another board member resigning his position is Le Dang Khoa. The Saigon-Hanoi Securities JSC (SHS), the securities arm of SHB, said starting June 9, 2023, the two executives were not associated with SHB Finance.

The resignations followed the completion of a 50% stake sale of SHB Finance to Thailand's Krungsri Bank in May, the SHB said. It added that the two sides would continue cooperation and complete the sale of the remaining 50% in the next three years.

After nearly five years of operation, SHB Finance had become one of 10 largest consumer finance companies in Vietnam with a business network across 51 provinces. It employed more than 7,000 employees.

In August 2021, SHB and Krungsri reached an agreement on the latter’s acquisition of SHB Finance for VND3.59 trillion ($153.12 million), marking the Thai lender’s entrance into Vietnam as part of its ASEAN expansion.

The Thai lender, also a strategic member of Japan's financial giant MUFG Group, had said the transfer would be carried out in two phases, the first involving the payment of VND1,573 billion ($67.09 million) for a 50% stake and the remaining 50% being taken for VND2,017 billion ($86.03 million).

Do Quang Vinh, 34, has a master's degree in finance and administration from the University of East Anglia, UK. He has held many senior management positions in the field of finance and banking.

Vinh had been appointed chairman of SHB Finance in January 2021. After SHB announced the sale of SHB Finance in August 2021, he left the chairman’s post to become the standing vice chairman of the members' council.

At the end of 2021, he was appointed deputy general director and head of digital banking division of SHB. In April 2022, he was elected as board member of SHB and replaced Do Quang Hien as chairman of securities broker SHS.