Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has just released a press release about the name to avoid confusion for customers, before the phenomenon of some people withdrawing money before the due date after some information spread on social networks. about SCB Bank.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, code STB) has just issued a notice about the name of the bank, to avoid confusion for customers.
Specifically, according to the announcement of Sacombank, currently on social networks, information about Saigon Commercial Joint Stock Bank (SCB) is spreading, leading to some people withdrawing money before the due date.
“To avoid confusion, customers, shareholders and partners should note that Sacombank and SCB are two different banks,” Sacombank announced.
Sacombank has just released a press release about the name to avoid confusion for customers.
Sacombank clearly states that the bank’s full name is Saigon Thuong Tin Commercial Joint Stock Bank, transaction name is Sacombank and stock code is STB.
Previously, besides the information that some people were queuing to withdraw money before the due date at SCB, there was also information that some people were queuing in front of Sacombank waiting for transactions. Therefore, Sacombank has issued a notice confirming that Sacombank and SCB are two different banks, in order to avoid confusion with customers, investors and partners.
According to research, the group of bank names with the word Saigon includes 4 banks: Saigon Thuong Tin (Sacombank), Saigon (SCB), Saigon Industry and Trade (SaigonBank), Saigon – Hanoi (SHB).
Many people often mistake SCB as an abbreviation for Sacombank, but these are actually two different banks. SCB is the abbreviation of Saigon Commercial Joint Stock Bank, and Sacombank is the transaction payment name of Thuong Tin Commercial Joint Stock Bank, abbreviated STB.
SCB customers queued to withdraw money after negative news related to SCB Bank exploded on social media.
On the morning of October 8, the State Bank also issued a notice advising people not to withdraw money before the due date, to avoid affecting their interests.
Specifically, the State Bank’s statement stated: “On October 7, 2022, negative information about Saigon Commercial Joint Stock Bank (SCB) spread on social networks, leading to the phenomenon that some people early withdrawal.
Regarding this, the State Bank affirmed that it will closely monitor the situation so that the bank can operate normally and have solutions and policies in accordance with the law to ensure the rights and interests of depositors, maintain stability of SCB in particular and the system of credit institutions in general.
The State Bank recommends that depositors should not withdraw money before maturity to avoid affecting the interests of depositors.
On the afternoon of October 8, at Ho Chi Minh City Press Center, the State Bank of Vietnam, Ho Chi Minh City branch, Propaganda Department of Ho Chi Minh City Party Committee, Department of Information and Communications of Ho Chi Minh City held a press conference to inform about the news. operation of Saigon Commercial Joint Stock Bank (SCB), after the incident of Ms. Truong My Lan – Chairman of the Board of Directors of Van Thinh Phat Group (VTP) and some related people were temporarily arrested by the authorities because of signs of “scam to appropriate property” occurred at An Dong Investment Group Joint Stock Company and related organizations and units.
Mr. Vo Minh Tuan – Director of the State Bank of Vietnam Ho Chi Minh City Branch affirmed that people’s assets deposited at SCB as well as other banks are guaranteed, people should not panic, withdrawing before the due date will be affect their interests. Because if you withdraw first, you will receive a demand interest rate that will be very low (only 0.2 – 1% / year), while if you deposit with a term, it will be from 7% – 8% / year.
Leaders of the State Bank of Vietnam branch in Ho Chi Minh City also said that they have directed commercial banks in the area to compete fairly and healthily according to the market mechanism and equality in mobilizing capital. If there is unfair competition, enticing to withdraw money at SCB to deposit money in other banks will be warned and reminded immediately.