Sacombank stake sale could be accelerated: broker

Broker Vietcap says the appointment of Nguyen Duc Thuy as acting CEO of Sacombank could signal more positive progress toward the long-delayed sale of a 32.5% stake in the lender currently held by the Vietnam Asset Management Company (VAMC).

At a Q3/2025 investor meeting, Sacombank said the approval process for the divestment could be delayed until the second half of 2026.

“However, the recent appointment of Nguyen Duc Thuy as acting CEO may point to more positive developments for the transaction, with the potential for the stake sale to be completed earlier than the bank’s timeline and our previous expectations,” Vietcap analysts said.

The Ho Chi Minh City-based broker noted that Thuy left a strong mark on operational efficiency and digital transformation at LPBank, where he served as chairman for three years.

During his tenure, LPBank significantly improved efficiency and accelerated digitalization, cutting its cost-to-income ratio (CIR) from above 50% in 2021 to below 30% by Q3/2025, while also boosting fee income.

“Based on this track record, we expect he will play a key role in streamlining Sacombank’s operations,” the broker said, adding that with Sacombank’s current CIR at around 45%, there remains substantial room for improvement.

The 32.5% Sacombank stake, formerly held by entities linked to businessman Tram Be, has been irrevocably and indefinitely authorized to VAMC since 2015 as collateral for bad debts following Sacombank’s merger with Southern Bank.

Regarding a potential auction of the stake, ACB Securities said in November that the starting price would likely be set no lower than the prevailing market price, while the final winning price would depend on bids at the time of the auction.

Based on valuations seen in recent bank equity transactions in Vietnam, typically ranging from 1.6 to 3.1 times post-money book value per share, ACBS estimated that acceptable bids could start from around 1.6 times post-money BVPS.

This would imply a winning price of roughly VND73,000 ($2.78) per share and a transaction value of about VND44 trillion ($1.67 billion).

On the Ho Chi Minh Stock Exchange (HoSE), STB shares closed Monday at VND59,900 ($2.28) apiece.