Sacombank and ANZ to launch card alliance

Tuesday, May 27, 2008
Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank) is completing last proceedings with Australia and New Zealand Bank (ANZ), Sacombank's strategic partner, to debut their card alliance.

The group expected to receive the license to set up the card alliance with the total initial capital of US$20 million within this quarter. As the plan, Sacombank Group will hold 60% of capital and the remaining 40% belonging to ANZ.

According to Dang Van Thanh, Sacombank Group's chair, the alliance will apply absolutely secure management mode for card system through the network. Thanh added the alliance would create strength position for the group in issuing and expanding the market share of cards.

Up to the end of April, Sacombank has had 315 ATM machines through the network. The bank has also launched 2,000 POS in most of trade centres, restaurants and hotels.