Business

Saigon Bank opens asset company

The joint stock Saigon Commercial Bank (SBC) on March 22 inaugurated an asset management company it has set up to diversify its services.
The joint stock Saigon Commercial Bank(SBC) on March 22 inaugurated an asset management company it has set upto diversify its services.

The SCB Asset ManagementCompany, which has a charter capital of 200 billion VND (10.5 millionUSD), will manage the assets mortgaged with SCB and foreclosed due toborrowers’ failure to repay loans, making decisions about whether tolease out or sell them or use them as contribution to the bank’s jointventures.

The company would securitise overdue loans by packaging them as assetsand sell them to other credit institutions and asset managers, and alsobuy such assets from others, the company’s chairman, Nguyen Anh Phuoc,said.

The bank’s network of more than 110 branches and transaction offices would help in his company’s development, he added./.
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