Phuong Nam Bank to spend US$4m on systems upgrade

Phuong Nam Bank (PNB) is investing US$4 million to upgrade its electronic banking system together with other changes that are meant to save the bank from falling behind. The bank will hire consultants to help it find the best package to automate and consolidate its services, said general director Nguyen Ngoc Thinh.
Through the upgrade, PNB hopes to keep up with its competitors, such as Asia Commercial Bank and Sacombank. PNB’s new banking system, which should be in place by late next year, will also reduce its operation costs, Thinh said.
Additionally, the HCM City based bank will start to issue debit cards this month, Thinh said.
“We’ve already issued debit cards to our staff to test the service before we can officially introduce it to the public,” he said. PNB has ordered the first 10 automated-teller machines, which will be connected to 11 cooperating banks led by the Bank for Foreign Trade of Vietnam, or Vietcombank.
PNB also plans to increase its 330 billion dong chartered capital to 500 billion dong next year, Thinh said.

 

Category: Finance