* Contact name
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
* Head office
266-268 Nam Ky Khoi Nghia Street, Ward 8, District 3,
Hochiminh City (HCMC), Vietnam
Tel: (84 8) 39 320 420 – Fax: (84 8) 39 320 424
* Chartered Capital
VND 10,740,230,130,000 (as at 31 December 2011)
* SWIFT code
* Number of Employees
9,607 employees (as of 31 December 2011)
1. Establishment and development
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK (Sacombank) was established under Decision No. 05/GP-UB dated on 03/01/1992 of People's Committee of Hochiminh city and operated by Decision No.0006/NH-GP dated 05/12/1991 of The State Bank of Vietnam. Sacombank officially went into operation on 21.12.1991, it was established through the merger of Go Vap Economic Development Bank and three community credit institutions: Tan Binh, Thanh Cong and Lu Gia. Sacombank was among the first joint stock banks incorporated in Ho Chi Minh City.
Period 1991-1995, Sacombank is one of the first joint stock banks in Hochiminh city. It started with initial capital of only VND3 billion. The active network located mainly in the suburban districts and the business scope is very small. Sacombank has made a remarkable point in the first year through policy decisions, guidelines such as focus on handling bad debts; expand its network, the issuance of debentures, made quick money transfer service. In 1993, Sacombank opened its branch office in Hanoi. It was the first bank to provide express remittance service between Hanoi and HCMC. The service has greatly reduced physical cash transactions between the two Vietnam’s largest cities.
Period 1995-1998, Sacombank focused on the task of planning and developing. In parallel, the bank continued to strengthen and reorganize. With innovative public issue of shares, Sacombank's capital has increased from VND23 billion to VND71 billion, which was initially established financial...