Sacombank (STB) AGM: CEO Nguyen Duc Thuy Nominated to Board, Name Change Approved

Overview

Sacombank (STB) held its Annual General Meeting (AGM) on April 22, 2026, in Phu Tho province. Key proposals include electing current CEO Nguyen Duc Thuy to the Board of Directors, changing the bank’s name to ‘Saigon Tai Loc’, and relocating its headquarters. The AGM also saw the withdrawal of a proposal to extend the post-merger restructuring plan to 2030.

Key Facts

• Sacombank proposes changing its Vietnamese name from ‘Ngân hàng Sài Gòn Thương Tín’ to ‘Ngân hàng Sài Gòn Tài Lộc’ and its English name from ‘Sacombank’ to ‘SACOMBANK’.
• The bank plans to relocate its headquarters from its current location to better align with the International Financial Center in Ho Chi Minh City.
• CEO Nguyen Duc Thuy, who became official General Director on March 3, 2026, is nominated as a candidate for the Board of Directors.
• The Board currently has 7 members, including Chairman Duong Cong Minh and Vice Chairman Pham Van Phong.
• The AGM will also vote on the dismissal of board member Nguyen Duc Thach Diem, who resigned as CEO in June 2025.
• The Board withdrew proposal No. 25/2026/TT-HDQT dated March 18, 2026, which sought to extend the post-merger restructuring plan to 2030.
• The bank cited difficulties in bad debt recovery and legal complexities in handling collateral as reasons for the withdrawal.

What Happened

Sacombank held its annual shareholders’ meeting on April 22, 2026, in Phu Tho province. Among the key agenda items, the board proposed changing the bank’s name to ‘Ngân hàng Sài Gòn Tài Lộc’ (Saigon Tai Loc) and relocating its headquarters to a more central location within Ho Chi Minh City’s International Financial Center. The name change is intended to enhance brand recognition in the new development phase.

In a significant leadership move, the board nominated current CEO Nguyen Duc Thuy for election to the Board of Directors. Thuy, who previously served as Chairman of LPBank, joined Sacombank as Acting CEO on December 23, 2025, and was officially approved as General Director by the State Bank of Vietnam on March 3, 2026. The AGM also considered the dismissal of board member Nguyen Duc Thach Diem, who had resigned as CEO in June 2025.

Notably, the board withdrew a proposal to extend the bank’s post-merger restructuring plan to 2030, citing ongoing difficulties in bad debt recovery and legal complexities in handling collateral assets. The original plan had been set to expire earlier, and the bank had sought an extension but later reversed course.

Market Context

STB shares closed at VND 64 on April 15, 2026, down 2.57% with a volume of 6.58 million shares. The stock trades on HOSE. The banking sector has been under pressure from rising bad debts and regulatory scrutiny, and Sacombank’s restructuring challenges have been a key overhang. The withdrawal of the extension proposal may signal either improved progress or unresolved issues, but the market reaction will depend on further disclosures.

Strategic Significance

The nomination of CEO Nguyen Duc Thuy to the board consolidates his leadership role and aligns management with strategic direction. The name change and headquarters relocation are part of a broader rebranding effort to position Sacombank within Ho Chi Minh City’s financial hub. However, the withdrawal of the restructuring extension proposal raises questions about the bank’s ability to fully resolve legacy bad debts, which remains a critical factor for long-term profitability and investor confidence.

What to Watch

• Shareholder vote results on board elections and name change at the AGM.
• Updated restructuring plan details, if any, following the withdrawal of the extension proposal.
• Progress on bad debt recovery and legal resolution of collateral assets in Q2 2026.
• Any regulatory approvals required for the name change and headquarters relocation.
• Q1 2026 earnings release for signs of improving asset quality and profitability.