Corporate loans dominated SHB’s loan book at 50% of loans as of 9M 2020 (SME 30%, retail 20%). SHB’s management targets to pivot toward the retail segment in the next five years. SHB is still in the process of resolving legacy assets (which we define as non-performing assets that were part of the consolidated balance sheet following the merger between SHB and Habubank in 2012 plus SHB’s exposure to Vinashin’s default in 2010). We expect SHB will fully resolve its legacy asset issue by YE2022.