Viet Nam News
HCM CITY — The former chairman of Sacombank, Đặng Văn Thành, and prestigious international partners will strengthen the financial capacity of Sài Gòn Thương Tín Commercial Joint Stock Bank (Sacombank) by increasing its charter capital by VNĐ20,600 billion (US$907 million).
They will also set up a Debt Settlement Committee to resolve the bad debts issue and recover assets, and use the available sources of income to provision for bad debts.
It has also been reported that Evercore was recently authorised by competent authorities to access data from Sacombank and review and evaluate its performance to accurately assess the current status of the Bank.
This would be the basis for mapping out a detailed, precise and specific restructuring plan and proposing specific mechanisms if necessary.
Sacombank annual general meeting this year was the focus of attention of financial investors and the public due to the presence of wealthy investors, especially Thành, the "father" of Sacombank.
Thành, returning to the financial and banking market after an absence of more than five years, and a group of foreign shareholders are considered to have a number of advantages over other suitors. With more than 20 years of experience working at the bank (1991-2012), Thành is considered the "captain" who promoted the Sacombank brand both in the domestic and international markets.
Evercore Group is a New York-based investment banking firm listed on the New York Stock Exchange with a market cap of US$2.8 billion, while Redsun Capital Limited is a consulting firm specialising in M & A.
Thành Thành Công Corporation (TTC) was the place where Thành and his family cut their entrepreneurial teeth in 1979 before entering the finance and banking sector.
It has interests in many fields, including real estate, energy, molasses, hospitality, and education.
TTC was also the company Thanh turned to for developing together with his family after relinquishing the management of Sacombank in 2012.
When Thành exited Sacombank in May 2012, there were lots of rumours surrounding the bank’s operations, especially about corporate loans given to TTC Group, which affected the reputation of his family.
But in April 2013 Sacombank officially released information about these loans, revealing the company was repaying them on schedule.
The restructuring plan requires the expeditious setting up of a transparent, professional and capable regulatory body to oversee the restructuring and financing efforts.
Thành is expected to bring with him the advantage of having successfully managed not only a bank but also several other businesses.
The Sacombank brand with its solid foundation has always been a name that investors and both domestic and international customers are interested in, thanks to its advantages such as long-established operation and retail banking potential. — VNS