Sacombank plans to divest all capital in SBS securities company


A representative of Sacombank said that the divestment is to implement the strategy of restructuring ineffective investments and increasing revenue. Since 2011, Sacombank is no longer the parent company of SBS.

In details, at the beginning of 2010, Sacombank started its share offering at SBS (Saigon Thuong Tin Bank Securities Joint Stock Company), reducing Sacombank's holding rate to 64.9%. The Bank in turn launched the next offering at the end of 2010, 2011 and many other times, further reducing the proportion of shares the Bank owns in this company to 10.21%, equivalent to 13,870,000 shares.

At the end of July and the beginning of August 2021, Sacombank plans to divest all remaining shares at an average price of VND11-12,000 /share, collect and preserve capital to put into business, increase efficiency of main activities of the bank.

Along with the divestment from SBS, a series of other strategic actions of Sacombank such as selling all treasury shares, focusing on handling bad debts and outstanding assets, reducing dependence on volatile capital sources, increasing investment in technology, increasing service revenue, deposits demand... are considered drastic solutions of the Bank in promoting business activities, effectively implementing and ahead of schedule of the restructuring project.