The deposit rate at commercial banks fell sharply and the capital mobilisation in the banking sector is showing signals of slowdown. At other big banks such as Asia Commercial Joint Stock Bank (ACB) and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), the deposit rate was also lowered. ACB is charging the deposit rate of 14% per year for three-month term and remaining terms at less than 14% per year such as for six months at 12.55% and nine months at 9-12.5% per year.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) signed memorandum of understanding (MOU) to extend its collaboration with Edexcel - the largest awarding education organization in the United Kingdom (UK). Edexcel will draw upon its experience, pedigree and expertise in academic and vocational education and training to help Sacombank implement a world-class training and development curriculum across key functions within the organizations
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) obtained approval from the Hochiminh City Stock Exchange (HOSE) to buy-back 25 billion shares (equivalent to 5% of its charter capital). From 18 November to 18 December 2008, the buy-back will be executed by order matching or negotiation through Sacombank Securities Company (Sacombank-SBS).
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) signed memoranda of understanding (MOUs) to extend its collaboration with three strategic partners of the Sacombank Financial Group. The partners are Hoang Anh Gia Lai Joint Stock Company (HAGL), Dongtam Joint Stock Corporation (Dongtam), and Truong Hai Auto Joint Stock Company (Thaco). The MOU included elements of capital support.