Sacombank keen to acquire stake in Bamboo Airways

Ho Chi Minh Stock Exchange-listed Sacombank is taking procedures to acquire a stake in Bamboo Airways, one of its debtors, as the airline is seeking strategic investors.

Phan Dinh Tue, a board member of Bamboo Airways, shared the information at an extraordinary shareholders' meeting on Friday. Tue served as Sacombank’s deputy CEO and board member from 2022-2026 before joining Bamboo Airways.

As a large financier of Bamboo Airways, Sacombank is interested in the former's restructuring. However, the bank must receive approval from authorities to invest in the airline as aviation is its non-core business.

Bamboo Airways, among the biggest air carriers in Vietnam, owes around VND3 trillion ($125 million) to Sacombank, according to local media.

Vietnamese Prime Minister Pham Minh Chinh last month asked ministries, including the State Bank of Vietnam (SBV), to help Bamboo Airways overcome its difficulties. As a result, the SBV, the country's central bank, has taken charge of reviewing banks that are qualified to purchase a stake in Bamboo Airways.

At the meeting, shareholders passed changes regarding the carrier's board. As such, Le Thi Truc Quynh, Bamboo Airway’s deputy CEO, was elected to join the board for the 2023-2028 term, along with Le Thai Sam, Le Ba Nguyen, Nguyen Ngoc Trong and Phan Dinh Tue. Quynh had held positions at a number of Vietnamese banks and was a deputy CEO at FLC Group, the former parent firm of Bamboo Airways, until February this year.

Meanwhile, the supervisory board will admit three news members – Nguyen Thi Hong Cam, Pham Van Hung, and Nguyen Dang Khoa – after dismissing the previous ones. Besides, the number of Bamboo’s legal representatives will be reduced to two, just chairman and CEO.