notes to the consolidated financial statements - Sacombank

20 YEARS’ INNOVATION AND DEVELOPMENT
2003: Promoting international cooperation, Sacombank
was the first Vietnamese enterprise to be allowed to
incorporate the VietFund Management Company (VFM), a
joint venture between Sacombank and Dragon Capital.
2004: Sacombank launched its core banking system
through cooperation with Temenos Company (Switzerland).
This investment marked Sacombank’s commitment to
improving management and operational quality, promoting
electronic banking services and being ready to approach the
new-generation advanced banking technology in order to
optimise banking operations.
2005: Sacombank opened a banking model for women.
This was the first exclusive banking model for women in
Vietnam, and was set up by Sacombank for “the development
of modern Vietnamese women.”
2006: Sacombank was the first commercial joint stock
bank of Vietnam to be listed on the stock exchange with
total listed shares valued at VND1,900 billion. The listing
of Sacombank’s shares (trading symbol STB) on the Stock
Exchange of HCMC is evidence of Sacombank’s prospects for
development, and safe and sustainable growth.
2008: Sacombank opened a branch in Laos and started
its market expansion plan across the Indochinese region.
Sacombank was the first Vietnamese commercial joint
stock bank to open a branch in Laos, contributing to the
promotion of Vietnam-Laos commercial and investment
cooperation relationships. Following the success of the Lao
Branch, on 23 June 2009, Sacombank continued to expand
its operations into Cambodia, marking the completion of its
market strategy in Indochina.
2009: Sacombank completed its Core Banking System
upgrade from Smartbank to T24, version R8 over its
entire system, and opened and put into operation the
first international-standard modern Data Center among
the commercial joint stock banks of Vietnam in 2008.
The application of this new banking technology by
Sacombank was aimed at supporting its development
strategies in the new period as well as the development
of an advanced banking technology infrastructure; the
improvement of corporate governance, management and
sustainable development capabilities; the development of
diverse banking services, and the promotion of non-cash
payments; risk management and the enhancement of the
confidentiality of the banking information system.
2010: Sacombank successfully completed its
development strategies for 2001-2010, achieving an
average growth rate of 64% per annum.
ANNUAL REPORT 2011 16