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On 03 May 2011, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) successfully held a thank you reception on the occasion of the 44th ADB Annual Meeting (Asian Development Bank) in Hanoi. The Sacombank Reception was organized to appreciate the assistance extended from other banks and its financial institution partners for the development of Sacombank in particular and of the Vietnam banking sector in general. Furthermore, Sacombank would like to extend its sincere thanks to the State Bank of Vietnam for assistances and guidelines.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently announced the fiscal report in the first quarter this year with 12 percent after tax profit growth year-on-year to reach approximately 453 billion dong.

HCMC, 30 Mar 2011: Sacombank signed a memorandum of understanding with a consortium of international financial institutions led by FMO and participated by Norfund, Proparco BIO and DEG. The memorandum provides a Tier-2 Capital Enhancement Facility of USD150 million to Sacombank. The tenor of the credit facility is 10 years. According to the memorandum, FMO shall provide a loan to Sacombank of US$25 million. In addition, FMO, as the lead participant, has assisted Sacombank to receive funds from Proparco, Norfund, BIO, and DEG up to US$150 million. The signing ceremony was held on the occasion of the royal visit to Vietnam by Prince William and Princess Maxima of the Royal Kingdom of Netherlands. The entourage includes the country’s Minister of Agriculture and Trade and representatives of more than 80 enterprises.
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