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Sacombank Financial Group makes its debut   0000-00-00 - VNS

HCM City Stock Exchange-listed Sacombank has entered a new status as a financial group, with the bank playing a primary role in coordinating activities with its affiliates.

The announcement was made yesterday at its new headquarters at a 15 storey building at 266-268 Nam Ky Khoi Nghia Street.

This is the first joint stock bank in Viet Nam that operates as a financial group, according to chairman Dang Van Thanh.

"Sacombank will coordinate strategic operations of the whole group. First and foremost will be focusing on financial services, including retail banking, securities and asset management, among others," he said.

"The inauguration of Sacombank Financial Group is the initial result of our philosophy of cooperation to improve professionalism and competitiveness," said Thanh.

"To prepare for the group model, almost seven years back the bank attracted three prestigeous foreign institutions as shareholders, then established the country’s first fund management joint venture company with a foreign partner and set up asset management, financial leasing, and remittance and securities affiliates," he said.

He added that it would expand to non-financial fields such as infrastructure and education.

To date the group has five subsidiaries of its own in addition to six other members, which were formed in cooperation with partners.

A new gold company with a charter capital of VND300 billion (US$18.5 million) will launch in July. A banking card company, a joint venture with ANZ with $20 million in capital, expects a green light from the State Bank next week. An insurance company set up by Sacombank will make its debut next year at the latest.

Yesterday Sacombank also formalised cooperation with the Industrial Bank of Taiwan (IBT) in such activities as project financing, the securities business, wealth management, fund management, and trading of banking products.

In 1999 IBT became the first private bank established in Taiwan, angling services towards corporate customers.

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