BNP Paribas Ho Chi Minh City Branch and Sacombank announced today that they have signed a Service Agreement in Cash Management. Under the Agreement, BNP Paribas will offer cash management services to its local and multinational customers through Sacombank’s branch networks in Vietnam.
Jacques Levet, Head of International Cash Management, BNP Paribas commented “The partnership with Sacombank will allow us to expand our cash management offerings in Vietnam through its extensive branch networks and local capabilities. Our customers in Vietnam will now be able to make use of our partner bank’s network, notably for collection services.”
“This is a significant milestone for BNP Paribas in Vietnam as it is the first partnership we have with a local bank in cash management. We hope to strengthen our network coverage and be able to offer a complete suite of cash management products and services to our customers via Sacombank or other local banks which we may partner in the future,” said Luc Cardyn, Country Head, BNP Paribas in Vietnam.
The cash management service will be offered through Sacombank branches in Vietnam from 17 March this year.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world*. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across the Europe-Mediterranean zone and boasts a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor’s i.e. 3rd rating level on a scale of 22.
Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), headquartered in Ho Chi Minh City, was founded on 21 December 1991. It has since emerged as a premier bank in Vietnam with total assets of VND 141,799 bn (USD 7,272 m) at year-end 2010. As of 28 February 2011, the Bank had a distribution network of 72 branches (including 01 branch in Laos and 01 branch in Cambodia), 299 transaction offices in 47 out of the 63 provinces in Vietnam (including 01 Olympic transaction office of Phnom Penh Branch).
As a pioneering bank in Vietnam, Sacombank has the record of being:
- The first bank to be listed on Hochiminh City Stock Exchange Vietnam;
- The first bank in Vietnam to receive funding and technical advice from the International Finance Corporation (World Bank Group);
- The first bank to expand regionally to Laos and Cambodia;
Sacombank Group was formed on 16 May 2008 with the Bank as its nucleus.