Banking news

Asia Commercial Bank staff prepare dong bank notes for a customer withdrawing cash at an outlet in Hanoi in August A darker picture about the banking system is emerging, analysts say, as some commercial lenders report sharp drops in profits or even losses. The time has come when banks can no longer hide their weaknesses, they add. Asia Commercial Bank reported losses of VND520.67 billion (US$24.9 million) in the third…

Sacombank’s affair causes $1 bln market cap loss   Tuoitrenews   For illustration purpose only Photo: Reuters The resignation of Dang Van Thanh, founder-cum-chairman of the board of directors of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), caused a VND22.25 trillion ($1.07 billion) market capitalization loss on Friday. The capitalization of Ho Chi Minh Stock Exchange (HoSE) and Hanoi Stock Exchange (HNX) incurred VND20 trillion and VND2.253 trillion losses by the…

Kien Long Bank has new CEO as former gets promotion Tuoitrenews       The bank announces the promotion on its website. Photo: Website screenshot Pham Khac Khoan, deputy general director of Kien Long Commercial Joint Stock Bank, has been appointed as the acting general director of the unlisted bank as the former CEO has been promoted. The appointment was based on the proposal of Truong Hoang Luong, former general manager of the…

Credit market cools in year-end season VietNamNet Bridge – The banks’ doors have been opened widely to welcome businesses in the year end production season. However, businesses do not intend to get in.   The year 2012 would come to an end in two months, but there has been no sign showing the increase in the loan demand. Chair of Oriental Bank (OCB) Trinh Van Tuan said the bank’s credit had…

Techcombank awarded ‘Most Active Issuing Bank in Asia’ The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been awarded the ‘Most Active GTFP-Issuing Bank in Asia’ under the Global Trade Finance Program (GTFP) of the International Financial Corporation (IFC).   The award honors contributions made by banks in trade, finance and supply chain activities. GTFP is now overseeing the activities of more than 250 banks across the globe, including…

Experts have qualms about banks’ profit claims   An employee carries a bag of money behind bundles of Vietnamese dong banknotes at a bank in Hanoi. The government said it is focusing on dealing with the bad debt issue to increase liquidity in the banking system. Photo: Reuters Credit growth has been low, but some commercial banks have still announced handsome profits, inviting skepticism and concern about the accuracy of the…

Sacombank says it’s unaffected by chairman’s resignation    Sacombank's headquarters in Ho Chi Minh City Sacombank said it's business as usual after the resignation of its chairman, assuring that preparations had been made for the personnel change. The lender, formally known as Saigon Thuong Tin Commercial Joint Stock Bank, announced Friday that Chairman Dang Van Thanh had resigned and was immediately replaced by Deputy Chairman Pham Huu Phu. Despite reports describing…

BIDV bank secures Vietnam listing license    BIDV, Vietnam’s largest partly private bank by assets, has secured a license to list shares on the Ho Chi Minh Stock Exchange, market regulators said on Wednesday. The Hanoi-based bank, also known as the Bank for Investment and Development of Vietnam, will list all 2.3 billion shares on the exchange, representing its registered capital of VND23.01 trillion (US$1.1 billion), the exchange said in a…