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ACB, Eximbank and Sacombank will be the members of a family?   2012-02-13 - SGTT

No official announcement has been made so far about the moves of the three banks ACB, Eximbank and Sacombank. Meanwhile, opinions from the well informed circle say that the three banks will be the members of a family very soon.

 

Over the last 1.5 years, a rumor has spread out that Sacombank’s shares have been collected by a group of investors, or some institutions who aim to obtain a certain ownership ratio of the big bank.



Recently, the information about the buyers has become move obvious, while opinions from the well informed circle said ACB’s CEO would be sent to Sacombank to manage it.



Deputy General Director of ACB, who is also the official spokesman of ACB, has affirmed that this is the false information. “I can say for sure that this does not happen,” he said.



ACB’s CEO reins in Sacombank: not a surprise at all

Truong Van Phuoc, General Director of Eximbank, where ACB is a big shareholder, said that he had not heard anything about that. However, Phuoc added that if this happens, this would not be a surprise at all.



“It is quite a normal thing. If someone buys a field, he will certainly bring his machines to do the cultivation,” Phuoc said.



A high ranking executive of ACB has also denied the information, but gave non-committal words that if this happens, this would be the selection of the top ranks of the ACB. Sources have also said that ACB has found an officer who would replace the current CEO Ly Xuan Hai who has been managing the bank for the last seven years.



Sacombank has the chartered capital of 10,739 billion dong. Sacombank’s share price is double the face value. The investors, who try to collect Sacombank’s shares for the last 1.5 years, have spent trillions of dong to buy Sacombank’s shares since the day the share price was low at 12,000 dong per share.



The family members of Dang Van Thanh, Chair of Sacombank, and relating businesses are holding 13.81 percent of the bank’s shares. The treasury stocks account for 9.31 percent. Huynh Que Ha, Deputy Chair of Sacombank, and her husband are holding 5.22 percent. All of them are holding 28.34 percent of the total.



Thanh once affirmed on local newspapers that by August 2011, no one had held 30 percent of the chartered capital of Sacombank. But things would be quite different, if the buyers are the alliances.



Sources said that the buyers of Sacombank’s stakes recently are ACB and relating people. It is unclear how many percents of Sacombank’s stakes ACB is holding. Meanwhile, Eximbank, whose ACB is a big shareholder, is holding 10.81 percent of stakes of Sacombank.



The sources have also said that the alliance of ACB-Eximbank and relating people are holding a proportion of stakes big enough to convene an extraordinary shareholders’ meeting to discuss the changes of the leadership.



The ambitions

ACB is considered the bank with the most stable leadership among joint stock banks. Unlike other banks, which only set up a general goal of “becoming the leading bank in Vietnam”, ACB has set up a concrete and ambitious plan to become one of four leading banks in Vietnam.



This means that ACB would have to surpass and replace one of the four biggest banks at present in terms of total assets, namely Agribank, BIDV, Vietinbank and Vietcombank.



Agribank remains the biggest bank now with the total assets of 524 trillion dong. Vietcombank ranks the fourth with 333.735 billion dong. And if adding up the total assets of three banks of ACB, Sacombank and Eximbank, the figure would be 298 trillion dong.



If the purchases happen as guesses, the three banks would become the members of a family, and this would lead to the re-division of the banking market share.



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