At the beginning of the continuous order matching session, after 9:15 am, Sacombank (STB) shares, chaired by Mr. Duong Cong Minh, decreased by VND1,000-1,500/share and dropped to around VND30,000/share. This is the third consecutive session of decrease.
Thus, STB shares have decreased in price after reaching the historical peak of Sacombank - a bank that investors are very interested in, once leading the joint stock commercial banking system and "passed through the hands" of many tycoons.
Restructuring Project is about to be completed
Chairman Duong Cong Minh faces many rumors on social networks. In fact, Sacombank is about to complete its restructuring project after a decade of many changes. Many information related to STB is of interest to investors.
The restructuring project implemented over the past 10 years has come to an end, bad debts are gradually being removed, after 10 years shareholders will soon receive dividends. The large 32.5% stake of the once-famous tycoon Tram Be at the Vietnam Asset Management Company (VAMC) is about to be auctioned.
Information about Sacombank successfully auctioning Phong Phu Industrial Park worth thousands of billions of VND and waiting to receive payment is also something many people are interested in.
Most of the information about Sacombank is positive. However, STB shares are being sold very heavily and what is happening to one of the banks that is expected to make a breakthrough? Will Chairman Duong Cong Minh have a firm hand in steering Sacombank to complete the restructuring project?
At the end of February, Saigon Thuong Tin Commercial Joint Stock Bank said it would complete its restructuring project in the first half of 2024. By the end of 2023, the bank had completely resolved most of its existing problems and completed many key goals of the project.
Sacombank has made 100% provision for the entire remaining unprocessed asset portfolio, thereby officially completing all financial obligations in the restructuring project.
In a report by Agribank Securities (Agriseco), the completion of all financial obligations in the restructuring project will allow this bank to speed up the auction of 32.5% of its equity capital at VAMC.
According to Agriseco, the auction of Sacombank's Phong Phu Industrial Park will be completed this year, thereby increasing profitable assets and creating room for high growth in the coming period. In early 2023, Sacombank organized an auction of 18 debts secured by assets at Phong Phu Industrial Park, with a starting price of more than VND 7,900 billion.
The billionaires game
Sacombank was founded by Mr. Dang Van Thanh (Thanh Thanh Cong Group), with the position of chairman from 1995 to 2012. The initial charter capital was only 3 billion VND, but by the first decade of the 21st century, Sacombank had become one of the largest and most prestigious joint stock commercial banks in Vietnam.
Under the leadership of Mr. Dang Van Thanh, this bank used to be the leader among private banks in terms of scale, market share, retail banking services and small and medium enterprise services.
However, the storm and the appearance of Mr. Tram Be and the merger with SourthernBank caused Sacombank to sink into bad debt.
Mr. Kieu Huu Dung was elected as the chairman of Sacombank in 2014, replacing Mr. Pham Huu Phu. This was also the period of power transfer between the shareholder groups of Mr. Dang Van Thanh's family and Mr. Tram Be's family.
Since merging with SouthernBank, a bank owned by the largest shareholder group at that time, Mr. Tram Be's family, Sacombank began to face difficulties and was entangled in bad debts worth tens of thousands of billions of dong.
In 2017, Mr. Tram Be was in trouble with the law, and real estate tycoon Duong Cong Minh gradually established his power at Sacombank. In the second half of 2017, the "war" that lasted more than 5 years at Sacombank almost ended.
In early 2018, a series of big bank bosses - including Chairman Duong Cong Minh - continuously made moves to collect shares of this bank to increase their ownership ratio.
Previously, to avoid cross-ownership before entering Sacombank, Mr. Duong Cong Minh divested capital at LienVietPostBank (LPB) and resigned as chairman of LPB to participate in restructuring Sacombank.
Duong Cong Minh: A secretive and secretive tycoon
After a long time steering Sacombank, the owner of Him Lam Group has brought certain successes to this bank.
However, there are still many issues that investors are concerned about. When will Sacombank be recognized as having completed the restructuring project? When will STB pay dividends and how will Mr. Tram Be's more than 32% stake be auctioned? After the auction, who will have power at the bank?
Recently, Sacombank and Mr. Duong Cong Minh's group have encountered difficulties with Bamboo Airways. This airline is in great debt, lacks operating funds and has to sell aircraft, close many routes...
At Sacombank, Mr. Minh's direct shareholding ratio is not much, only 3.32%. Meanwhile, Mr. Tram Be's shares at VAMC are very large. This could be a race of Vietnamese billionaires in the coming time.
Mr. Duong Cong Minh is known as a very private tycoon in public.
Him Lam of this businessman from Bac Ninh is a real estate "giant", with more than 30 member units and affiliated companies, operating in many fields such as real estate business, banking and finance, entertainment areas, golf courses,... concentrated in Hanoi, Ho Chi Minh City and some other localities.
Him Lam invests and builds hundreds of housing projects, urban areas, and tourist areas with some large projects, typically: Him Lam Tan Hung (District 7, Ho Chi Minh City), Him Lam Riverside, Him Lam Cho Lon, Him Lam Phu Dong, Long Bien golf course, Tan Son Nhat golf course,... Him Lam Group also has high-end tourist - resort projects in Hai Phong City.
In the past, Mr. Minh's family and Him Lam owned tens of percent of LienVietPostBank shares.
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