Denying baseless rumors about Sacombank Chairman


On 01/04/2024, an individual posted information alleging that Mr. Duong Cong Minh, the Chairman of the Board at Sacombank, was barred from leaving the country due to involvement in an economic case currently under investigation.

Through this press release, Sacombank categorically denies these unfounded rumors. We have also taken necessary legal actions to address and prevent the dissemination of false information that distorts and defames the reputation of Sacombank’s leadership, impacting the image, brand, and credibility of the bank.

Furthermore, Sacombank reaffirms that Chairman Duong Cong Minh continues to directly manage the bank's operations. The bank is still providing financial services to its customers, maintaining efficient business operations, and adhering to safety ratios as per regulations. Our assets and liquidity remain robust and unaffected by the aforementioned rumors.

Through this incident, Sacombank urges investors, shareholders, and customers to be cautious of unverified rumors and to only receive information from reputable and official media sources. Sacombank will continue to update the public and its customers with the latest information through the Bank's official communication channels.

We are grateful for the trust and support from our investors, shareholders, and customers. Once again, we affirm that Sacombank is operating stably and efficiently. We are continuously implementing product development strategies, strengthening, and expanding our market presence.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has been serving the Vietnamese finance and banking market for 32 years. Currently, Sacombank serves a growing customer base of 18 million.

In 2023, Sacombank's total asset size reached over VND 674,000 billion, an increase of 13.9% from the beginning of the year. Total deposits were over VND 578,000 billion, up 11.3%; with a focus on increasing CASA deposits by 8.8%. The consolidated CAR was 9.11%, the LDR stood at 82.77%, and the NIM was 3.9%. The ROA and ROE were 1.22% and 18.30%, respectively, showing increases of 0.31 and 4.47%. The bank has also recently been upgraded by Moody’s in several significant ratings: Long-term Issuer and Deposit Ratings from B3 to B2; Baseline Credit Assessment (BCA) and Adjusted BCA from Caa1 to B3; and Long-term Local and Foreign Currency Counterparty Risk Ratings (CRR) and Counterparty Risk Assessment (CR) from B2 to B1.