SACOMBANK (STB) signals strategic transformation at AGM

SACOMBANK (STB) signals strategic transformation at AGM

Shareholders of Sai Gon Thuong Tin Commercial Joint Stock Bank (SACOMBANK; stock code: STB) have approved a number of strategic resolutions across three key pillars - operational efficiency, brand positioning and governance restructuring - at the 2025 annual general meeting held in Phú Thọ Province on April 22, marking a deliberate transformation as it enters a new phase of development.

SACOMBANK’s executives at its AGM in Phú Thọ Province on April 22. — Photo courtesy of the bank

Shareholders of Sai Gon Thuong Tin Commercial Joint Stock Bank (SACOMBANK; stock code: STB) have approved a number of strategic resolutions across three key pillars – operational efficiency, brand positioning and governance restructuring – at the 2025 annual general meeting held in Phú Thọ Province on April 22, marking a deliberate transformation as it enters a new phase of development.

The AGM approved the bank’s 2026 business plans, which target safe, efficient and sustainable growth with a focus on asset quality. 

Total assets are projected to reach VNĐ1 quadrillion (US$38.5 billion) by the end of 2026, up 10 per cent from the previous year.

Deposits are expected to increase by 10 per cent to VNĐ921.3 trillion ($35 billion) and outstanding loans by 12 per cent to VNĐ699.4 trillion ($26.6 billion).

Pre-tax profit is targeted at VNĐ8.1 trillion ($308.3 million), up 6 per cent, and the non-performing loan ratio at below 4.5 per cent. 

The bank said these targets are aligned with its capacity and reflect a commitment to sustainable growth.

The AGM also approved a plan to rename the bank Saigon Treasure Commercial Joint Stock Bank, alongside adjustments to its brand identity.

The abbreviated name will be standardised as “SACOMBANK”, with a more distinctive and recognisable design.

According to the bank, the move goes beyond rebranding, reflecting a shift towards a more modern, flexible and customer-centric operating model amid rapid changes in the financial sector.

Shareholders also agreed in principle to relocate the bank’s headquarters to a different place within Việt Nam to support its expanding scale and long-term strategy, and authorised the board to complete the necessary procedures.

To strengthen governance, the meeting approved the appointment of Nguyễn Đức Thuỵ to the board of directors for the 2022–26 term. The 50-year-old has extensive management experience in multiple industries. 

He joined SACOMBANK as acting CEO in late 2025 and was formalised in March 2026. Since then, he has led restructuring efforts, streamlined operations, strengthened governance, and accelerated digital transformation.

The bank said enhancing senior leadership is critical as it pursues organisational restructuring, business model transformation and expansion of its product and service ecosystem.

Separately, the board has appointed Thuỵ as permanent vice chairman, where he will oversee strategic direction and long-term development.

Frenchman Loic Faussier has been named acting CEO, responsible for the bank’s day-to-day operations.

Faussier, 54, holds degrees in economics, finance and business law from leading French institutions.

With more than 27 years of experience, he has held senior roles at major financial institutions across France, Hong Kong (China), Japan, and Việt Nam.

The board said it is confident that Faussier will help deliver the bank’s strategic goals, enhance competitiveness and guide SACOMBANK into a new phase of sustainable growth.

The appointment underscores SACOMBANK’s focus on attracting international expertise, particularly in risk management and compliance, to support its restructuring process and reinforce financial stability. 

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