The HCM City-based Saigon Thuong Tin Commercial Joint Stock Bank or Sacombank has received an award by the HCM City People’s Committee for successfully completing its targets in 2005.
In 2005, Sacombank recorded over 336 billion dong in pre-tax profit, up 57.5% over 2004.
According to its development plan in 2006, Sacombank will raise its chartered capital from the current 1.25 trillion dong to 2.4 trillion dong to consolidate its position as the largest joint stock bank in Vietnam. Sacombank also is planning to open another 20 branches in cities and provinces.
Furthermore, Sacombank will set up three subsidiary companies including a financial leasing company, securities company and manpower training centres.
Currently, Sacombank is urgently finalising necessary procedures to list its shares on HCM City Securities Transaction Centre in June this year.