ING Wholesale Banking’s Institutional & Government Advisory (IGA) group announced that it has been mandated to support the transformation of the Bank for Investment and Development of Vietnam (BIDV), one of the country’s five major state-owned banks.
The project is the second phase of the World Bank’s Technical Twinning Arrangement of the BIDV Restructuring Plan programme, and part of a grant by the Asia Europe Meeting.
IGA will undertake a review of BIDV from October 2005 for an eight month period focusing on its overall management structure and strategic direction. In addition, BIDV’s treasury, risk management, asset liability management, internal audit, marketing, information technology and customer relationship management functions will be analyzed and ING will seek to provide technical advice and training programmes to increase the effectiveness of these areas of the bank.
Peter van der Krogt, Global Head of IGA, stated, “IGA is delighted to be able to continue to support the Vietnamese government in its restructuring programme. We believe that IGA will be able to assist BIDV in restructuring its banking platform and strengthening key operations, in line with international banking standards and the highest standards of corporate governance, to position it as a modern commercial bank.”
The mandate for BIDV follows IGA’s two-year advisory assignment for the Bank for Foreign Trade of Vietnam (Vietcombank), another of the five main state-owned banks, which started in August 2003. The Vietcombank mandate was also a World Bank-sponsored project.