The Seoul-based financial solutions provider has signed collaboration contracts with commercial lender Sacombank and state-owned VietinBank to collectively roll out a shared point-of-sale (POS) system in Vietnam.
While most credit institutions have made possible attempts to reduce their bad debt ratio to a safe level at below three per cent, VPBank and Sacombank remain cautious to be fairly high at 4.07 per cent and 3.74 per cent respectively.
Sacombank's bad debt ratio was reduced to a little over three per cent, which is considered the safety limit, in less than two years.
Saigon Thuong Tin Commercial Joint Stock Bank or Sacombank will auction several land plots in Ho Chi Minh City and industrial land plots in Long An province through Global Auction Services JSC on this June 28.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has sold collaterals for debt collection, but 90 per cent of this amount is deferred for seven years at an interest rate of 7.5 per cent per annum.
Besides the industrial park in Long An province was offered for sale at nearly VND10 trillion (US$441 million) through the auction, Sacombank is also selling many real estate assets worth to trillions VND in Ho Chi Minh city (HCMC) and Binh Duong province.
Kien Long Commercial Joint-Stock Bank (Kienlongbank) has issued a report stating the invested VND521 billion (roughly US$23 million) in Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from mid-2013 through the end of September 2017.
These debts have collateral such as real estate, value machines and equipments in Da Nang and Ho Chi Minh City.
The debt is secured with 50,000 square metres of land plots in District 7, Ho Chi Minh City.
Ho Chi Minh Stock Exchange has announced that an addition of 400 million STB-coded shares of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) would be traded on this September 25.
The Investigation Police Bureau for Economic Management Order Offences (C46) issued a warrant to prosecute and arrest two Sacombank officials – Tram Be (former Vice Chairman of Sacombank’s Board of Directors and former Chairman of Sacombank’s Credit Council) and Phan Huy Khang (former General Director of Sacombank).
