Sacombank to start $19 mln gold company in July

Tuesday, April 22, 2008
Saigon Thuong Tin Commercial Joint- Stock Bank, Viet Nam’s second-biggest publicly traded bank, plans to start operating a VND300 billion (US$19 million) gold and gem company in July.
The Ho Chi Minh City-based company will trade in gold, according to a release Monday on the bank’s website.
Sacombank is also involved in setting up a gold exchange in Ho Chi Minh City, Chairman Dang Van Thanh said in the statement.
Gold exchanges have already been established in Hanoi and in Ho Chi Minh City, Viet Nam’s financial hub.
Sacombank reported first-quarter pretax profit of VND435 billion ($27 million), a year-on-year increase of 44%. (Bloomberg)