First private financial group makes debut

Friday, May 16, 2008
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) officially made debut as the Sacombank Group on May 16, becoming the first private financial group in Vietnam.

The Sacombank Group with 11 subsidiaries operates on a charter capital of 5.2 trillion VND and total assets of 79.9 trillion VND. It has a total staff of more than 6,500.

During the launch ceremony, the group signed memoranda of understandings with the Industrial Bank of Taiwan and Dragon Capital to jointly carry out financial projects and set up securities trading and brokerage channels.