HÀ NỘI — Sài Gòn Thương Tín Commercial Joint Stock Bank (Sacombank)’s annual shareholder meeting yesterday officially appointed Dương Công Minh as the new chairman for tenure 2017 – 2021.

The lists of six candidates for board of directors and four members of supervisory board in the new term were absolutely approved by the shareholders.

Dương Công Minh is currently the president of Him Lam Group and former chairman of LienVietPostBank.

Minh got the highest vote rate with over 198 per cent, replacing Kiều Hữu Dũng, who had only 66.4 per cent of vote rate.

The meeting reported results of operations in 2016 with a profit before tax of VNĐ156 billion (US$6.9 million), a year-on-year decrease of 82 per cent. The non-performing loan ratio at the end of 2016 stood at 6.81 per cent of the bank’s total outstanding loans.

According to Sacombank’s financial reports, by December 31, 2016, the accumulated retained earnings which have not paid dividends to shareholders were VNĐ1.014 trillion.

As regards business plan for 2017, Sacombank set a total asset target of VNĐ384.6 trillion, a year-on-year increase of 16 per cent and a profit before tax of VNĐ585 billion, up 275 per cent against 2016.

The bank’s total mobilised capital is planned to reach VNĐ356.1 trillion, up 17 per cent compared to 2016.

Sacombank’s board of management also identified key tasks, such as consolidating the bank’s operations after merger and developing detailed plan to effectively implement restructuring plan approved by State Bank of Việt Nam.

Besides, Sacombank needs to focus on remediating the existing financial issues, restructuring of assets and liabilities, effectively controlling and preventing overdue debts, solving bad debts and structured debt to quickly recover capital, increasing profitability assets in order to improve business efficiency. 

Earlier, the central bank has so far  asked Sacombank to complete its management and administrative structure, continue implementing restructuring solutions to guarantee the rights and benefits of depositors, stabilise operations and make sure its financial system is secure.

Many heavyweights have expressed interest in the restructuring of Sacombank, such as New York-based investment bank Evercore Group, M&A consulting firm Redsun Capital Limited and Đặng Văn Thành, president of Thành Thành Công Group (TTC) and founder of Sacombank.— VNS