Sacombank could gain around VND150-170 billion ($6.5-7.4 million) if the divestment from Sacombank Securities JSC is successful.
|Sacombank is looking to make a full exit from Sacombank Securities JSC |
Sacombank (HSX: STB) has just announced the intention to offload its entire capital from brokerage arm Sacombank Securities JSC. The move is in line with the bank’s comprehensive restructuring strategy, including divestment from ineffective businesses.
A representative of Sacombank noted that the bank has ceased to be the parent company of Sacombank Securities JSC in 2011, after subsequent divestments in the preceding year.
“At the end of July and early August, Sacombank plans to divest all of its remaining shares at an average price of VND11,000-12,000 (48-52 US cents) to preserve the bank’s capital for further activities and to increase the efficiency of operations," the representative said.
Besides this, Sacombank also carried out a series of other strategic actions such as selling all treasury shares, focusing on handling bad debts and outstanding assets, increase investment in technology, and increasing service revenue, to name a few.