Sacombank (STB) Appoints Nguyen Duc Thuy as Vice Chairman, Approves Name Change

Overview

Sacombank (STB) held its 2026 annual general meeting on April 22, appointing Nguyen Duc Thuy as Vice Chairman and Loic Faussier as Acting CEO. The AGM also approved a name change to Ngan hang Sai Gon Tai Loc, marking a new chapter for the bank after decades of restructuring.

Key Facts

• Nguyen Duc Thuy appointed as Vice Chairman, replacing Nguyen Duc Thach Diem on the board.
• Loic Faussier named Acting CEO, responsible for day-to-day operations.
• AGM held in Phu Tho for the first time, with 135 shareholders representing 80.6% of voting shares.
• Bank approved name change to Ngan hang Sai Gon Tai Loc (English: Sacombank remains as acronym).
• 2025 net interest income reached over VND 32 trillion, with CIR at 40.7%.
• Target CIR below 30% in 2026 and 28% thereafter.
• Q1 2026 profit of VND 3,572 billion, about 40% of full-year plan.
• Non-performing loan ratio exceeded 5% in 2025, partly due to end of debt restructuring mechanism.

What Happened

Sacombank held its 2026 annual general meeting on April 22 in Phu Tho, the first time outside Ho Chi Minh City in over two decades. The AGM saw the appointment of Nguyen Duc Thuy, who joined the bank as CEO in March, to the role of Vice Chairman. Thuy will oversee strategic direction, corporate governance, and long-term development. Concurrently, Loic Faussier was appointed Acting CEO to manage daily operations.

The board now consists of seven members, including Chairman Duong Cong Minh and Vice Chairman Pham Van Phong. The AGM also approved renaming the bank to Ngan hang Sai Gon Tai Loc, though the English acronym Sacombank will remain. Management described the rebranding as a pivotal milestone.

Regarding legacy issues, board member Phan Dinh Tue stated that handling shares related to Tram Be remains a priority for completing restructuring, but progress depends on State Bank of Vietnam approval. The bank submitted a plan last year but faces policy changes. NPLs rose above 5% in 2025 due to global economic headwinds and the end of debt restructuring.

Market Context

STB closed at VND 64,000 on April 15, down 2.57% on volume of 6.58 million shares. The stock trades on HOSE. The banking sector has faced pressure from rising NPLs and margin compression, but Sacombank’s Q1 profit of VND 3,572 billion (40% of annual target) suggests operational resilience. The leadership change and rebranding come as the bank aims to improve efficiency (CIR target below 30%) and resolve legacy issues.

Strategic Significance

The appointment of Nguyen Duc Thuy, a prominent figure in Vietnamese banking, signals a strategic shift toward stronger governance and execution. Thuy’s direct involvement in strategy and long-term planning, combined with Faussier’s operational focus, could accelerate restructuring and NPL resolution. The name change to Ngan hang Sai Gon Tai Loc (roughly “Saigon Fortune Bank”) reflects a desire to shed past associations and reposition the brand. Success will depend on reducing CIR to industry benchmarks and clearing the Tram Be share overhang.

What to Watch

• SBV approval of the Tram Be share disposal plan.
• Q2 2026 earnings release and NPL trend.
• Progress on CIR reduction toward 30% target.
• Any further board or management changes.
• Market reception to the new brand identity.