VietNamNet Bridge – Analysts have commented that it is not easy to knock out Thanh, an experienced and wise banker. However, they have also said that the investors who attempt to swallow Sacombank, are a redoubtable power.

Sacombank may have to change hands
ACB, Eximbank and Sacombank will be the members of a family?

In July 2011, the information that a relative of Dang Van Thanh, Sacombank’s President, registered the sale of 14.84 million shares, or 1.62 percent of the chartered capital, stirred up the public. The buyer was Thanh Thanh Cong Company. At that time, Sacombank’s shareholders raised questions about the reason behind the sale.

In reply, Thanh explained: “Previously, we invested in Sacombank, and now we transfer shares to Thanh Thanh Cong, a member of the same group. We do not sell stakes to outsiders”. After getting the shares, Thanh Thanh Cong holds 20 million Sacombank’s shares.

The move was then described by analysts as a defensive action amid the pressure of getting acquired.

Thanh also frankly said that by the nature, the share sale by three women of Dang family is the transfer of Sacombank’s shares from individual ownership to legal entity’s ownership. President of Thanh Thanh Cong – Huynh Bich Ngoc – is the wife of Thanh.

This came in line with the information released in late May that Thanh Thanh Cong registered to purchase 15 million Sacombank’s shares on June 1 – August 1, to raise the ownership ratio from 0.46 percent to 2.1 percent.

As such, the plan to acquire Sacombank has forced Thanh’s relatives to sell shares, the move that aims to retain the post of the President of the bank.

While taking the moves to protect himself, Thanh still stated in mid 2011 that Sacombank is a public bank with 74,132 shareholders by January 17, 2011, and that all the investors who inject money in Sacombank would be welcomed if they contribute to the development of Sacombank.

He also said that if someone buys Sacombank’s shares and holds a big amount of shares, this means that he has high confidence on the bank’s performance, while he does not attempt to take over or “change horses” as rumored.

He stressed that the shareholders’ meeting chose a board of directors and the supervision board for the term that finishes in 2015. Therefore, there will not be any changes in the structure of the board of directors now.

However, it seems that the predictions by Thanh have not come true, while the group of shareholders have expressed their determination to acquire Sacombank.

Sacombank was sure that ANZ, which held 9.61 percent of shares, and REE, which held 3.92 percent, were long term partners and they would not withdraw capital. However, the move of Dragon Capital to sell stakes in August 2011 really worried Sacmbank. And now Sacombank is facing the request to re-elect the board of directors.

Sacombank bought back 100 million shares for treasury stocks, a defensive action, even thought this was a very difficult task due to the overly big scale of the bank. The campaign then helped Sacombank’s share price increase by 21 percent. However, the move still cannot prevent the takeover intention of the group of shareholders, headed by Eximbank.

Manh Ha