Mr. Tran Xuan Huy, CEO of Sacombank, announces that its strategic investor, International Finance Corporation (IFC) intends to dispose 50% of Sacombank shares. After the disposal, IFC continues to retain 16,083,664 ordinary shares. The long term strategy of Sacombank remains unaffected by the intention.
Vientiane, 12 December 2008: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) launched its first branch overseas in Laos. The Sacombank Laos Branch is located at 175/02 Ban Hatsady-Tai, District Chanthaboury in the capital city of Vientiane. On the same day, Sacombank celebrates the “Sacombank marathon for public health” in Vientiane, jointly with the Laos Youth Union and Laos National Television.
After State Bank of Vietnam (SBV) announced reduction of the basic rate to 10% a year, many commercial banks also announced reduction of the lending rate from December 5. Bank for Investment and Development of Vietnam (Bidv), the Bank for Foreign Trade of Vietnam (Vietcombank) and the Bank for Industry and Trade of Vietnam (Vietinbank), Dai A Commercial Joint Stock Bank will also officially apply the new lending rate benchmark to replace the current benchmark. In particular, the deposit rate is at 3.6% a year for demand deposit, one week at 5.5%,
The VN-Index fell below the 300-point level yesterday, closing at 299.68 points after dropping 2.89 per cent. The Index has lost a total of 67.5 per cent from its peak at 921.07 early in 2008, marking nearly a year of struggling times for securities investors. "When counting the loss in each share we have invested in, it is possibly double the loss of the VN-Index," moaned Vu Tuan Hung, an investor with Bien Viet Securities Co.