SaigonBank Wants to List

Banking want to go public. (Photo: T.C)

The Sai Gon Bank for Industry and Trade (SaigonBank) has sent letters to its shareholders gathering their opinions on the bank’s flotation plan which has been approved by the board.

SaigonBank is the third bank with an intention to list after the Sai Gon Thuong Tin Commercial Joint-stock Bank (Sacombank) and the Asia Commercial Joint-stock Bank (ACB).

SaigonBank currently has the chartered capital of VND 600 billion (about US$37.5 million). The bank’s earnings after tax, in the first half of the year, reached VND 79 billion. Besides its positive credit operation, SaigonBank also pays attention to technological investment and is one of the founders of the Viet Nam Bank Card (VNBC) system. The bank has many valuable real properties including the RiverSide Hotel on Ton Duc Thang Street, 1st District, Ho Chi Minh City.

SaigonBank is the first commercial joint-stock bank in Viet Nam, founded 16 years ago. Currently, the bank’s biggest investor is the Financial Management Commission under the Communist Party Committee of Ho Chi Minh City. The committee holds over 60% of the bank’s stake.

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Reported by Tuong Chau

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