Banks' ambitions
10-MAY-2008 Intellasia | Dau Tu Chung Khoan page 26
May 10, 2008 - 7:00:00 AM
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With the target to become leading financial groups of Vietnam, a slew of banks currently are speeding up setting up of subsidiary companies and member entities. Not only state large sized commercial banks, but also smaller sized banks have nurtured the ambitious plan.
But according to financiers, to become financial groups in the true sense of the word, banks need to do more. If not, the financial group is a name only.
In line with the plan approved recently, from 2008 to 2010, Sacombank will carry out the step 1 by trying to transform its own members into holding companies. This is the firm preparation for the step 2 of setting up a financial group starting 2011.
The bank chair Dang Van Thanh revealed that the becoming of financial holdings will gather the whole strength of our members through expanding network, operation size and technological reform whereby Sacombank can gain maximum profit in the future.
At present, Sacombank is managing five dependent companies and two joint ventures, including SBS, Sacombank Leasing, Sacombank Asset and Debt Management Co, Overseas Remittance Co, Sacombank Jewellery Co, Card Co, associated firm with ANZ and Vietnam Fund Management Co (VFM). In addition, the bank also cooperates with many other companies to form some new dependent enterprises, for example Sacombank insurance company. This year, the lender targets to increase the chartered capital from 4.449 trillion dong to 6.048 trillion dong, of which 1.110 trillion dong will be used to add capital and set up some new firms.
Similarly, with the target to raise the chartered capital from the current 2.8 trillion dong to 7.38 trillion dong within 2008, Vietnam Eximbank is seeking strategic alliances from regional large sized groups and banks to become one of leading financial holdings in Vietnam. In 2008, the bank will use a surplus capital to provide capital to their forthcoming companies.
Seem to be more cautious, ACB also announced steps and orientation until 2015 with an aim to become the leading financial banking group in Vietnam. By 2010, ACB group's ownership is estimated at about 15 trillion dong while total asset is targeted at 315 trillion dong, profit of seven trillion dong, a four fold increase over 2007 thanks to retail banking service and investment banking with an expected network of 350 branches and transaction offices.
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