Home Business Mr. Duong Cong Minh: ‘Sacombank is like my daughter-in-law’

Mr. Duong Cong Minh: ‘Sacombank is like my daughter-in-law’

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Chairman Duong Cong Minh affirmed that he is devoting all his enthusiasm and strength to the work at Sacombank to successfully restructure the bank in 5 years as the project.
Answering questions from shareholders about feelings for Sacombank and LienVietPostBank at Sacombank’s annual meeting on the morning of April 23, Chairman Duong Cong Minh said: “LienVietPostBank is a natural child, but I let go to get married. Sacombank is the daughter-in-law that just got back. But my daughter-in-law is always more precious ”.

Mr. Minh affirmed that Sacombank and LienVietPostBank are currently two completely independent banks with no contact with each other. Mr. Minh said that he now dedicates all his love and enthusiasm to Sacombank because this is the bank associated with his interests at the moment. At the meeting, Mr. Minh also shared with his desire to receive dividends from many Sacombank shareholders soon. Mrs. Kim Cuc (70 years old) said she had invested in Sacombank for decades and had the greatest desire to receive dividends. Mrs. Cuc said that the bank’s leaders during the restructuring period drove Sacombank to achieve good business results, bringing joy to shareholders, but if the dividend is paid, “the more fun”. “I myself also want to be paid dividends. Sacombank’s stock price is currently good. But if we are restructuring, we must follow the roadmap of the State Bank. Dividend distribution must wait for successful restructuring ”, Mr. Minh answered to shareholders. Mr. Minh reiterated his promise when accepting the task of restructuring Sacombank, the Board of Directors committed to try to succeed after 5 years. After the restructuring is successful, the bank will return to its normal state, and will be entitled to pay dividends. Chairman of Sacombank expects that by 2022 or early 2023, dividends can be distributed to shareholders. Another issue is that the strategic shareholder participation in Sacombank, which is of interest to investors, is also briefly answered by Mr. Minh that can only be discussed after the restructuring is successful, reporting to the State Bank. “Successful restructuring takes into account dividends and strategic shareholders. The Board of Directors is trying its best, uniting with the management board and Sacombank’s staff to successfully restructure in 5 years as promised when receiving the tasks. Up to now, I affirm that Sacombank has regained its position in the banking and financial market, operating stably and strongly developing ”, Mr. Minh emphasized. Currently, 32% of Sacombank’s shares are collateral assets under the management of VAMC. Chairman of Sacombank said that according to the restructuring plan, the bank must consult the Prime Minister to implement the plan of auction of shares. this part. Expected price includes the original price plus interest about 33,000-34,000 VND. Mr. Minh said that these shares may have to wait until 2022 to resolve. Chairman of the Board of Directors of VAMC Nguyen Tien Dong assessed that if the auction is successful for these Sacombank shares, the bank will have more investors with “fresh money, real grain” to participate and the business will be more active. Regarding the business situation in the first quarter, Sacombank General Director Nguyen Duc Thach Diem said that the first 3 months’ profit reached 25% of the plan of pre-tax profit of 4,000 billion VND in 2021. The credit balance in the first quarter increased by 5.8 %, capital mobilization increased 3%. In the first 4 months of the year, the bank successfully handled 2,280 billion dong of bad debt.

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