Sacombank is approved to open branches in four northern provinces

Sacombank has got approval from the State Bank of Vietnam to establish a branch each in Thai Binh, Ninh Binh, Nam Dinh and Lao Cai provinces by converting operation licenses of 4 other branches including Tri Ton branch (in An Giang), Nam Can Tho branch (in Can Tho), Thanh Binh branch (in Dong Thap) and Thoi Binh branch (in Ca Mau). Simultaneously, the bank has also been allowed to open four transaction offices under the four new branches to serve customers in the area. Sacombank has currently followed the procedure to open 4 new branches next year. As these 4 branches officially put into operation, the bank will have 570 transaction offices across 52/63 provinces of Vietnam and 2 countries Laos and Cambodia, continue to maintain its leading position in the private sector.

Thai Binh, Ninh Binh, Nam Dinh are the three coastal delta provinces of the Gulf of Tonkin economic belt with a positive direction in the economic structure, an increase of investment attraction with outstanding strengths in mineral resources, energy, tourism, agriculture, fishing and seafood processing, etc. Lao Cai is one of the border provinces in the Northwest, always maintaining a high economic growth rate which is above the regional and national average growth rate, thanks to it focusing on private sector development, improving investment and business environment, in which commercial services and tourism concentrated.

The presence of Sacombank in four provinces of Thai Binh, Ninh Binh, Nam Dinh and Lao Cai not only follows the orientation of the Sacombank’s restructuring project approved by the State Bank of Vietnam since 2016, but will also support local businesses to exploit the local potential to develop production, trading and investment through timely offering funds as well as modern and convenient banking products and services, helping businesses to have effective financial management.

Sacombank has presented across provinces in the Southeast, Southwest, North Central, South Central and Central Highlands since 2012. In addition to expanding in number of transaction offices, Sacombank has also focused on enhancing the efficiency of the operational network by relocating transaction offices with overlapping locations to more potential locations. Therefore, the transaction offices are quickly stabilized, growing positively and gaining a significant market share in the areas. Furthermore, the bank has invested in buying and building branch offices and transaction offices with modern facilities located in prime locations and convenience for customers. This indicates that the bank has affirmed its long-term accompanying commitment to the development of local economic sectors.

By being gradually present in all provinces in the North, Sacombank will have a strong operational network once it reaches the goal of covering 63/63 provinces in Vietnam in future while other banks are mostly restricted from opening branches as regulated in the Circular No. 21.