Sacombank

Saigon Thuong Tin Commercial Joint Stock Bank, commonly referred to as Sacombank, is a Vietnamese commercial joint stock bank established in 1991.

History
Sacombank was established on December 21st, 1991. In 1996, Sacombank issued its first shares.

In 2002, Sacombank established its first subsidiary - Sacombank-SBA Debt Management and Asset Exploitation Company. In December 2007, Sacombank opened a branch in Laos. By June 2009, it had opened a branch in Phnom Penh, Cambodia.

On October 1st, 2015, Southern Bank was officially merged into Sacombank by the decision of the State Bank of Vietnam. As a result, Sacombank has acquired and inherited all of Southern Bank's assets and related liabilities since the merger date.

Scandal
On November 23, 2022, the Investigation Police Agency of Khanh Hoa Provincial Police Department officially prosecuted four individuals who used to work at Sacombank - Cam Ranh City Branch. The four former employees of Sacombank Transaction Office were accused of borrowing money from outside and from customers in their personal capacity. The incident was discovered when customers came to withdraw money at Sacombank Cam Ranh Branch. These customers then filed a complaint with the investigating agency. According to a source, the total amount of money that the four employees of Sacombank Cam Ranh branch borrowed from people was up to more than 100 billion VND.

Sacombank has decided to dismiss these employees and appoint new ones to ensure the stable operation of Cam Ranh Transaction Office. Sacombank also reported the incident to the State Bank of Vietnam, Khanh Hoa Provincial Branch, and at the same time transferred the case to the competent authority for investigation.