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HANOI, Vietnam - 07 Jul 2010: Vietnam Joint Stock Bank for Industry and Trade (VietinBank), one of the largest banking institutions in Vietnam, has selected an IBM (NYSE: IBM) System z10 mainframe to support the expansion of its banking businesses, which grew by over 35 percent last year. VietinBank selected an IBM mainframe to run a new operational risk management solution, which will enable the bank to deliver premium services to its customers.
Today's announcement also marks VietinBank as the country's first Linux on the mainframe customer, enabling the bank to take advantage of the more than 3,150 open source applications compatible with System z.
With this new IBM System z mainframe server, optimized for high transaction banking workloads, VietinBank will benefit from advanced systems management features including capacity management and security to protect the bank's data from potential risks as the country's appetite for traditional and more advanced banking services continues to grow.
As the country's first Linux on the mainframe user, VietinBank joins the ranks of the world's largest banking institutions and emerging market leaders that seek out System z to compete in an interconnected world. In November 2009, the country of Namibia deployed its first mainframe at the First National Bank of Namibia. Since then, the largest credit card provider in Korea BC Card selected System z to support its payment system for 2.62 million merchants and 40 million cardholders.
"The IBM System z10 offered us more options than competing products because the system was designed to provide the world's highest levels of security while managing the world's highest amounts of transactions. We are proud to have System z to help us achieve our objective of providing continuous banking services to our customers," said Mr. Pham Anh Tuan, Deputy Director of VietinBank. "This investment and collaboration with IBM will help us drive significant cost and management efficiencies, rather than allowing large distributed server farm sprawls as developed nations did in recent years."
VietinBank also selected the IBM mainframe for its flexible architecture and wide range of software options, enabling the bank to have the freedom and the tools needed to become more innovative and competitive. Running System z also aligns with VietinBank's goal to build a smarter IT environment for scalability, cost effectiveness, and energy efficiency.
Mr. Tuan added, "IBM System z10 is regarded as the strategic platform for mission-critical work. Nothing is more mission-critical than ensuring safe money deposits and transfers in a country like Vietnam experiencing exponential growth. System z will help us to be ready for expansion at any time. As a result of the improvements in operational and energy efficiency, we expect to have massive cost savings. I am confident that IBM will continue to bring us industry expertise and pragmatic innovations for the decades ahead."
Phung Hoai Duong, Deputy General Manager of IBM Vietnam, said, "It is an honor to bring IBM's flagship mainframe virtualization and collaboration capabilities to Vietnamese clients like VietinBank. We are arming Vietnam with the most sophisticated servers ever developed – more than a US $1.5 billion investment, five years of development and a global team of more than 5,000 technical professionals in IBM locations around the world. We look forward to helping VietinBank and more local clients to achieve their ambitious growth plans."
VietinBank was established in 1988. The bank's total asset accounts for over 20 percent of the entire Vietnamese banking industry. With headquarters in Hanoi Capital, the bank operates nearly 850 branches and transaction offices and nearly 1,200 Automatic Teller Machines (ATMs) throughout the 56 provinces and cities in Vietnam.
For further information about IBM, visit http://www-03.ibm.com/systems/smarter/
For further information about VietinBank, please visit: www.vietinbank.vn
About IBM System z10
Launched in 2008, the IBM System z10 Business Class helps organizations cut energy costs by up to 90 percent and simplify data center requirements. For more information on the IBM System z mainframe, please visit ibm.com/mainframe.
For further information about IBM, please visit ibm.com.
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