Sacombank becomes Truong Hai Auto’s strategic shareholder

(ĐN)- Lately, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) signed a comprehensive cooperation agreement with Truong Hai Auto Company, becoming the company’s strategic shareholder.

(ĐN)- Lately, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) signed a comprehensive cooperation agreement with Truong Hai Auto Company, becoming the company’s strategic shareholder.

Under the agreement, Sacombank will provide loans for Vietnamese clients to buy Truong Hai’s automobiles and make a capital contribution to the company.

Truong Hai Auto’s products have been known widely throughout the country during the past time. The company is expected to produce and supply 10,000 vehicles of all kinds in 2007, nearly doubling last year’s figure of 5,3000 vehicles. Presently, Truong Hai is the Vietnam’s second leading automobile manufacturer, only behind Toyota Vietnam.

Sacombank now leads Vietnam’s joint stock commercial banks with VND4,449 billion of charter capital and has 190 branches and transition offices nationwide. Until the end of September 2007, its profit before tax reached more than VND1,006 billion or 84% of the year’s plan, up 143% compared to the same period of last year. The bank, in first nine months, hit total mobilized capital of VND40,880 billion, loan balance of VND24,330 billion and total assets of nearly VND49,600 billion, increasing 128%, 99% and 125%, respectively.   

Reported by K.Loan