Banks onboard to diversify

In early 2012, Eximbank - one of top 10 local banks in total asset value - launched its new logo in a ceremony having the presence of a well-known foot star Fabio Cannavaro, former captain of Italian football squad which took crown in World Cup 2006.

This was considered a ‘gift’ to local football fans when the bank is also the main sponsor for V-League from 2011-2013.

To shed some light on the new move, Eximbank general director Truong Van Phuoc said the bank aimed to become a local banking system leader by 2020 in export import and retail segments. Accordingly, Eximbank will promote corporate and retail banking, expanding network and boosting governance capacity alongside diversifying products and services.

For its part, Bac A Bank made a strategic breakthrough through changing its operation scope from small to medium one. The bank just benefited from a VND3 trillion ($142.8 million) capital support package from BIDV to enhance its liquidity.

“Bac A Bank is witnessing a huge growth potential in rural market segment which accommodates over 70 per cent Vietnamese population and targeting corporate customers in agriculture, forestry, safe pharmacy, healthcare and education,” said its chairwoman Thai Huong.

Reality shows that the market had witnessed banks pouring great capital into modifying their logos and brand recognition systems in some recent years. Joining the move were VietinBank, Maritime Bank, VPBank, VIBank, HDBank and OceanBank.

Alongside changing their countenance, banks’ business strategies were also significantly differed. From primarily serving corporate customers which have long been their major income generating source banks are putting more focus on individual customers and launching added value products and services to satisfy every customer’s need. Some big names are planning for global reach through stepping up trademark registration in foreign markets.

Industry experts said in retail banking segment banks generally offer little added value products and mainly vie with each other through interest rates.

According to reputed brand consulting firm Left Brain Connectors chairman Pham Viet Anh to get a strong trademark banks needed to embrace extensive market surveys and have in place clear data system on their customers. Besides, procuring feedback from potential customer segments was also important in developing business strategies.