WHOLESALE BANKING | Cesar Tordesillas, Vietnam

New Sacombank managers pursue merger partners

Outsiders who successfully took control of Sacombank are pursuing mergers with other banks.



The shakeup came in February after Eximbank, then the leading shareholder in Sacombank, demanded a new management board.

Only three Sacombank officials joined the new 10-member management board. Four of the new board members came from Southernbank; whie two were from Eximbank.

Le Hung Dung, who represents major shareholders in Sacombank, said the new managers are in the process of seeking the right partners for a deal.

“We will exchange information with banks that we find suitable,” said Dung, who also acts of chariman of Eximbank. “We won’t rule out Southernbank.”

Sacombank Chairman Dang Van Thanh described the changes to Sacombank’s management board as “normal.” He said the bank posted high profits in the first four months, which already accounted for 37 percent of its annual target for 2012.

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