The US’ Global Finance magazine has selected Ho Chi Minh City-based Sacombank as its best bank in Vietnam for 2014.
The magazine is set to present the award to the Vietnamese lender at a ceremony in Washington DC this October.
As to why Sacombank took the lead in Vietnam, the magazine said the lender had outperformed its rivals by focusing on retail customers as well as large corporate clients. It added that the bank has derived much of its income from fee-based services and long-term investments.
As a result, net profit more than doubled last year to VND2.2 trillion ($104 million). In March, Sacombank announced its merger with smaller local counterpart Southern Bank.