Vietinbank

The Vietnam Industrial and Commercial Bank (Incombank) was set up by the State Bank of Vietnam in 1991 as one of the first four commercial banks after the introduction of a two-tier banking system. Other sources suggest that the bank was set up in 1988. By 2000 the bank had total assets of 48.7 trillion VND, deposits of 40.7 trillion and debts of 26.2 trillion. Loans were granted mostly to large government programmes in priority sectors such as postal services, communication, processing, and construction material, but there was also lending for non-commercial purposes such as flood relief and training funds for poor students. As other major commercial state banks, Vietinbank was pressured by the government to continue lending to unprofitable state companies. Incombank changed its name to Vietinbank in April 2008. ==Ownership==

Vietinbank is majority owned by the State Bank of Vietnam. It holds 64% of the bank's shares after selling 20% to Mitsubishi UFJ Financial Group according to Bloomberg and 67.4% according to estimates published by Gafin.vn. Mitsubishi UFC is projected to hold 20%/ 16.1% and the International Finance Corporation 10%/ 8.4%. ==Strategic partnerships==

The International Finance Corporation became Vietinbank's first strategic partner in October 2010, when it signed a cooperation agreement with the bank Vietinbank announced its second strategic partnership with Mitsubishi UFJ Financial Group in December 2012. Mitsubishi UFJ is going to buy 20% of Vietinbank's shares for 15.5 trillion dong ($743 million). Mitsubishi UFJ wants to gain a foothold in Vietnam's growing markets for retail lending and international banking transactions, while Vietinbank hopes to improve corporate governance and risk management. ==Alleged frauds==

Huynh Thi Huyen Nhu, a former Acting Head of the Dien Bien Phu Transaction Office of VietinBank, was indicted of stealing 4 trillion VND (equivalent of 230 million dollars) from 3 major banks, 9 companies and 3 individuals. This was considered the biggest bank fraud in 2014. During the trial, some lawyers believed that VietinBank, where Nhu worked for and used its credentials to the scheme, must take responsibility for the swindling case and compensate the victims in the case. However, VietinBank has denied its responsibility in the case, stating that the institutions and individuals were cheated when dealing with Nhu personally, not VietinBank. ==Subsidiaries==

Independent accounting subsidiaries • VietinBank Securities Co Ltd (76% owned by VietinBank • VietinBank Leasing (100% owned by VietinBank) • VietinBank Insurance (100% owned by VietinBank) • VietinBank Aviva Life Insurance (50% owned by VietinBank) • VietinBank Asset Management Company (100% owned by VietinBank) • VietinBank Fund Management Company (100% owned by VietinBank) • VietinBank Gold and Jewellery Company (100% owned by VietinBank) • VietinBank Global Money Transfer Company (100% owned by VietinBank) Non-profit making units • VietinBank Information Technology Center (100% owned by VietinBank) • VietinBank Card Center (100% owned by VietinBank) • VietinBank Training Center (100% owned by VietinBank) Being the founder of the following Financial Credit Institutions • Saigon Bank for Commerce and Industry • Indovina Bank (the first joint-venture bank in Vietnam) (50% owned by VietinBank) • Vietnam International Leasing Company – VILC (the first financial leasing company in Vietnam) == Awards ==

• Vietnam National Brand Award • Sao Khue Award 2023 • Best SME Bank in Vietnam • Best Retail Bank in Vietnam • Excellence in Innovation - Contact Center Vietnam 2023 • Grand Prix - Vạn Xuân Awards 2023 ==References==