On the afternoon of August 25th, 2022, at the head office of the Co-operative Bank of Vietnam (Co-opBank) – N04 Building, Hoang Dao Thuy, Trung Hoa, Cau Giay, Hanoi, Co-opBank held the “Contract Signing Ceremony: Reviewing and developing a plan of organizational structure improvement of Co-operative Bank of Vietnam” between Co-opBank and MCG Management Consulting Company Limited (MCG).
Attendants of the ceremony, on the behalf of Co-opBank: Mr. Nguyen Quoc Cuong – Chairman of Bod – Head of the Steering Committee of Restructuring and Development Strategy of Co-opBank (Steering Committee); Mr. Nguyen Minh Tuan – Deputy CEO in charge – Deputy Head of Steering Committee and standing members of the BoD, Supervisory Board, Board of Management, Steering Committee and managers of relevant departments and committee.
On behalf of MCG included Ms. Ngo Minh Anh – CEO of MCG Company and some of its senior consultants.
Since the transformation of the operating organization model up to now, Co-opBank has adjusted its organizational structure many times. However, it was not a general adjustment and just focused on some areas without conducting a comprehensive restructure of the organizational model. Implementing Decision No. 689/QD-TTg dated June 8th, 2022 of the Prime Minister “Approval of the project of restructuring the credit institutions system associated with bad debt settlement in the 2021-2025 period” and Decision No. Decree No. 209/QD-NHNN dated January 31st, 2019 of the Governor of SBV on “Approval of the project on consolidating and developing the PCFs system until 2020 with a vision to 2030”; As well as the competitive context due to the strong development of the Technology Revolution, commercial banks have a remarkable transformation on the digital technology platform. Therefore, the restructure of Co-opBank’s organizational and operational model associated with digital transformation is necessary and creating a breakthrough to perform effectively its assigned responsibilities and tasks on building Co-opBank to become the bank of PCFs in the new period.
To carry out the mission, the Standing BoD has approved Resolution No. 05/NQ-HĐQT-NHHT dated March 21st, 2022, which contains the content “Research and propose the selection of a consultancy unit on restructuring Co-opBank for the period of 2021-2025” with the following goals:
Develop and complete internal regulations to ensure safe and effective operation of Co-opBank and actively support PCFs to operate stably and safely in the new development period.
Restructuring operational organization and developing human resources; renovating the management, administration and control; product and service development; performing digital transformation… to meet new mission requirements.
Strengthening financial capacity, expanding operation scale to develop Co-opBank stronger and fulfill better its responsibilities towards the PCF system and other economic sectors.
After preparation, Co-opBank held a tender to select a consultant and MCG Company is the winning bidder to become the project consultant of “Review and improve the structure of Co-operative Bank of Vietnam”. This project will implement the first important and urgent tasks in the process of Co-opBank’s restructuring.
The signing ceremony was successful with the commitment of the consultants to build a strong Co-opBank organizational structure to stand in the competition market and become the leading bank in orienting PCFs to become stronger in the new period 2022-2030.
Some pictures of the ceremony:
