Sacombank

Sacombank wins Asset magazine Best Bank Vietnam award 2020. — Photo courtesy of Sacombank Sacombank has won for a fourth time the Best Bank Vietnam award from the Asset magazine. The annual awards honour outstanding businesses and organisations in the banking, finance, treasury, and capital markets who contribute to the development of the financial sector in Asia. The award jury hailed Sacombank for its 2020 strategy for attracting investment and customers and developing services and improving service quality. The bank’s charter capital and network place it among the top five in Viet Nam. It began digital transformation five years ago and has invested hundreds of billions of dong in modern technology platforms. — VNS …

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Moody's Investors Service has upgraded the long-term local and foreign currency deposit ratings Sacombank to B3 from Caa1, with a stable outlook. — Photo courtesy of the bank Moody's Investors Service has upgraded the long-term local and foreign currency deposit ratings of the Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank) to B3 from Caa1, with a stable outlook. It upgraded the lender's baseline credit assessment (BCA) and adjusted BCA to caa1 from caa2. According to the international credit rating organisation, the upgrade of Sacombank's BCA and deposit ratings considered the improvements made by it in resolving a large part of its legacy problem assets through recoveries. Funding and liquidity are moderate, but have also improved after deteriorating in 2015 following the merger. Social and economic challenges last year did not affect the bank’s restructuring or business, and almost all progression milestones in the restructuring plan were achieved. Its total consolidated assets as of December 31, 2020, were worth nearly VND493 trillion (US$21.38 billion), an increase of almost 10 per cent from a year earlier, of which profitable assets increased by 13 per cent. Total deposits topped VND447 trillion ($19.38 billion), with the structure of the deposit portfolio increasingly diversifying and with average deposit terms being longer than in previous years. Sacombank’s liquidity and deposit mobilisation capacity has always been strong thanks to its extensive business network and a sustainable individual customer base. It is less dependent on capital sources that are sensitive to market fluctuations, and Moody's expects Sacombank's core capital, as measured by tangible common equity as a percentage of risk-weighted assets, to remain lower than the average for other rated banks in Viet Nam. Sacombank’s liquidity score was at B3 since 2017. In fact, its liquidity increased by more than 80 per cent in 2020. The prudential ratios …

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t Nguyễn Đức Thạch Diễm, CEO of Sacombank, and Đặng Tất Thắng, CEO of Bamboo Airways, sign a comprehensive cooperation agreement in HCM City on April 9, with the witness of the two sides’ executive boards. — Photo courtesy of Sacombank HCM CITY — Sacombank and Bamboo Airways signed an agreement on April 9 to become strategic partners in investment, production, sales, and supply of products and services and to leverage each other’s strengths. Under the agreement, Sacombank will provide credit, bank guarantees, domestic and international payment services, and cash flow management and foreign exchange services to Bamboo Airways and its eco-system, helping the carrier save time and manpower, optimise costs and be proactive in cash flow management. It will also offer individual financial services at preferential rates to employees of the airline’s eco-system. It will use the services of Bamboo Airways and its eco-system as much as possible. Bamboo Airways with its domestic and international flight networks will provide Sacombank with passenger and goods transport services, MICE- and golf-related services, and other commercial services with special offers. With its eco-system covering aviation, hospitality and golf, Bamboo Airways will design and offer policies based on Sacombank's customers’ needs. In its media campaigns, the airline will also promote its partners' products and services, ensuring Sacombank’s brand image reaches millions of local and foreign customers. The co-operation will maximise both sides’ customers and partners’ benefits. Dương Công Minh, the lender’s chairman, said: “Sacombank has a customer network of more than 14 million and is one of the banks with the largest customer network in Việt Nam. “With the motto of “Always strive to serve customers the best way’, Sacombank never stops researching and developing modern, versatile and optimal financial solutions and products for customers. “In co-operating …

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