On April 26, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) organized the 2024 Annual General Meeting of Shareholders.
Sacombank Shareholders’ Meeting took place in Ho Chi Minh City on April 26. (Photo: Dai Viet)
At the congress, Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, said that he is the largest shareholder and Chairman of this bank. Therefore, rumors about him will have a certain impact on the bank, thereby affecting shareholders.
Sharing about rumors that he was banned from leaving the country due to his involvement in the Van Thinh Phat case, Mr. Minh affirmed: “I have nothing to do with a period or a comma with Ms. Truong My Lan or Van Thinh Phat. This is a rumor Mr. Thang Dang wrote on Facebook.
…What Mr. Thang wrote on Facebook is not true. If it were related to Ms. Truong My Lan, I would never be able to sit here. I assure you, in every case I turn to the bank, for the bank”
Mr. Duong Cong Minh and Ms. Nguyen Duc Thach Diem, General Director of Sacombank moderated the congress. (Photo: Dai Viet)
Chairman of the Board of Directors of Sacombank shared that in 2017, Sacombank had more accrued profit than its charter capital. Sacombank should have been among the weak 0 dong banks, but Sacombank has been allowed by the State Bank to restructure itself. Thanks to that, Sacombank can keep its assets and shares. While shareholders of other 0 dong banks have lost all their capital.
Up to this point, after 7 years, Sacombank has equity capital of more than 45,000 billion VND, a typical bank that successfully restructured itself. Total assets and credit balance also grew over the years. Bad debt and stagnant assets are about 94,000 billion on outstanding debt of 222,000 billion (42% proportion).
At the beginning of restructuring, half of Sacombank’s credit was bad debt, but now this ratio is only nearly 7%.
Currently, Sacombank only has one issue left to complete the restructuring project, which is related to Mr. Tram Be’s shares. Sacombank is waiting for the State Bank to approve the sale of 32% of the charter capital related to these shares. Once completed, it will be successfully restructured.
