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Sai Gon Joint Stock Commercial Bank

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Sai Gon Joint Stock Commercial Bank (SCB)
HOSE: SCB[1]
IndustryFinancial services
FoundedJanuary 1, 2012; 12 years ago (2012-01-01)
HeadquartersNo. 19-21-23-25, Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh City
Area served
Vietnam
Key people
Phan Đình Điền
Phạm Quang Tiến
Trương Mỹ Lan
Vo Tan Hoang Van, CEO[2]
Total assetsIncrease 673.276 billion VND (2021)
Number of employees
6,700 (2021)
Websitehttps://www.scb.com.vn/

Sai Gon Joint Stock Commercial Bank or Saigon Commercial Bank, abbreviated as SCB (Vietnamese: Ngân hàng Thương mại cổ phần Sài Gòn),[3] is the largest commercial bank in Vietnam by assets, founded in 2012 and headquartered in Ho Chi Minh City.[4][5][6] It was founded by the fusion of 3 small banks and was controlled by businesswoman and real estate developer Trương Mỹ Lan. From 2012 until 2022 SCB issued Lan 93% of its loan portfolio, more than 2,500 loans worth over US$44 billion.

Her defrauding $11.5 billion and corruption is considered the largest fraud scandal in Southeast Asia's history[7][8] and led to her arrest in 2022, causing a bank run. The bank is since under state control.

History

[edit]

Sai Gon Joint Stock Commercial Bank (SCB) was established in 2012 from the merger of three banks: First Bank (Ficombank), Vietnam Tin Nghia Bank (TinNghiaBank), and Saigon Bank (SCB), all of which were headquartered in Ho Chi Minh City.[9][10] The three small banks were controlled by businesswoman and real estate developer Trương Mỹ Lan and had faced bankruptcy in 2011;[11] The banks had invested their deposits in loans for risky real estate transactions, so customers pulled out their money.[11] Nevertheless, the Vietnamese Central Bank allowed the fusion of these 3 banks, with continued control of Trương Mỹ Lan through more than 2 dozen middlemen, and 93 percent of loans going to her company Van Thinh Phat and associated straw companies.[11] From 2012 until 2022 SCB issued Lan more than 2,500 loans worth over $44 billion, which was equivalent to 93% of SCBs loan portfolio.[12]

As of September 30, 2021, SCB had total assets of over 673,276 billion VND[13][14] and charter capital of over 20,020 billion VND.[15][16] It has been Vietnam's largest bank by assets.[17]

Bank run

[edit]

On October 6, 2022, Truong My Lan, chairwoman of Van Thinh Phat Group, was arrested on charges of fraud in the issuance and trading of An Dong bonds.[8] Vietnamese sources refer to October 8.[18][19][20]

This led to a bank run, a massive withdrawal of money by customers at SCB.[21][22][23]

Scandal

[edit]

As of November 2023, many customers' savings deposits at SCB were converted[when?] into corporate bond purchases[24][25] or Manulife life insurance.[26][27] According to the records, many customers made savings deposits, but were misled[when?] by the bank's employees due to changes in their explanations.[28][29] In 2023, they met with SCB's leaders many times but did not receive a clear answer about when they would be refunded.[30][31] In January 2023, SCB stated that they only introduced the product, with the bond issuing company responsible for refunding.[32][33] Customers responded by accusing SCB of being deliberately vague in their advice, and using high interest rates to lure them into switching to buying bonds.[34]

In July 2023, the State Bank of Vietnam decided to apply special control measures to SCB. Subsequently, the bank continuously closed branches and transaction offices.[35]

As of January 2024, police supposedly tried to find about 42,000 defrauded depositors who had not received interest or principal payments since the arrest of Lan in October 2022.[36]

2024 Trương Mỹ Lan trials

[edit]

In March 2024, the judge presiding over the trial of Trương Mỹ Lan said that "SCB should have been placed under special control by the government in 2018", but because of a bribed report by an inspector at the State Bank of Vietnam "the decision was delayed until 2022.[37] The former chairman of the bank, Bui Anh Dung was accused of approving 404 loans to Truong My Lan between 2013 and 2022, which cost the bank US$8.62 billion.[38] Lan was sentenced to death in April 2024; her appeal against the sentence was rejected in December 2024. Under Vietnamese law her sentence may be commuted to life imprisonment if she returns three-quarters of the approximately US$12 billion she was convicted of embezzling (it was reported that actual damage may have been $27b).[39]

In October 2024 Lan was also convicted of money laundering, and sentenced to life imprisonment.[39]

See also

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References

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  1. ^ Triều, T. (2009-06-09). "Giá cổ phiếu ngân hàng trên sàn OTC tăng mạnh". Tạp chí Kinh tế Sài Gòn (in Vietnamese). Retrieved 2024-02-06.
  2. ^ Duyen, Hai; Thang, Quoc (2024-03-06). "Van Thinh phat chairwoman Truong My Lan controlled all SCB executives: former CEO". VnExpress International. VnExpress. Retrieved 2024-03-17.
  3. ^ "Sửa đổi, bổ sung tên viết tắt tại Giấy phép thành lập và hoạt động của Ngân hàng TMCP Sài Gòn" (in Vietnamese). 2023-12-27. Retrieved 2024-02-06.
  4. ^ admin, beta (2011-12-28). "SCB - ngân hàng hợp nhất hoạt động từ 1-1-2012". Tạp chí Kinh tế Sài Gòn (in Vietnamese). Retrieved 2024-02-06.
  5. ^ "NGÂN HÀNG TMCP SÀI GÒN". vnr500.com.vn (in Vietnamese). Retrieved 2024-02-06.
  6. ^ "Ngân hàng hợp nhất SCB chính thức hoạt động từ 1/1/2012". Báo điện tử Dân Trí (in Vietnamese). 2011-12-28. Retrieved 2024-02-06.
  7. ^ Berry, Alex (2023-12-01). "Vietnam reels from historic €11.4 billion corruption scandal". dw.com. Archived from the original on 2023-12-18. Retrieved 2023-12-18.
  8. ^ a b "Authorities blame 'rumor-mongers' for Vietnam's financial fears amid scandal fallout". Radio Free Asia. 2022-10-20. Archived from the original on 2023-12-18. Retrieved 2023-12-18.
  9. ^ "Hợp nhất 3 ngân hàng Đệ Nhất, Tín Nghĩa và Sài Gòn". VnExpress (in Vietnamese). Retrieved 2024-02-06.
  10. ^ "Nhìn lại các vụ sáp nhập ngân hàng". VOV.VN (in Vietnamese). 2013-04-15. Retrieved 2024-02-06.
  11. ^ a b c Ankenbrand, Hendrik (2024-03-10). "Die Vietnamesin, die 11 Milliarden Euro stahl". FAZ.NET (in German). Singapore. ISSN 0174-4909. Retrieved 2024-03-16.
  12. ^ Thang, Quoc; Duyen, Hai (2024-03-07). "Bank embezzlement committed out of family loyalty: Truong My Lan's niece". VnExpress International. VnExpress. Retrieved 2024-03-17.
  13. ^ "SCB tiếp tục dừng hoạt động thêm điểm giao dịch". thanhnien.vn (in Vietnamese). 2023-08-25. Retrieved 2024-02-06.
  14. ^ "SCB từng là ngân hàng tư nhân có tài sản lớn nhất Việt Nam dưới bóng Vạn Thịnh Phát". TUOI TRE ONLINE (in Vietnamese). 2023-11-22. Retrieved 2024-02-06.
  15. ^ Tú, Minh (2021-07-09). "SCB tăng vốn lên hơn 20.000 tỷ đồng". Nhịp sống kinh tế Việt Nam & Thế giới (in Vietnamese). Retrieved 2024-02-06.
  16. ^ "SCB vào Top 50 doanh nghiệp tăng trưởng xuất sắc nhất Việt Nam". VnExpress (in Vietnamese). Retrieved 2024-02-06.
  17. ^ Guarascio, Francesco (2024-03-05). "Trial begins in Vietnam's largest, multi-billion-dollar financial fraud". Reuters.
  18. ^ "Bắt bà Trương Mỹ Lan, Chủ tịch Tập đoàn Vạn Thịnh Phát". Báo Người Lao Động Online (in Vietnamese). Retrieved 2024-02-06.
  19. ^ "Bà Trương Mỹ Lan bị bắt, đại gia Nguyễn Cao Trí 'thừa nước đục thả câu' chiếm đoạt 1.000 tỷ đồng". Báo điện tử Tiền Phong (in Vietnamese). 2023-11-20. Retrieved 2024-02-06.
  20. ^ "Bắt chủ tịch Tập đoàn Vạn Thịnh Phát Trương Mỹ Lan". TUOI TRE ONLINE (in Vietnamese). 2022-10-08. Retrieved 2024-02-06.
  21. ^ "Sự cố rút tiền hàng loạt tại SCB tác động lớn tới thanh khoản, thị trường". laodong.vn (in Vietnamese). 2024-01-08. Retrieved 2024-02-06.
  22. ^ "Simon gift card balance". Tuổi trẻ và Pháp luật (in Vietnamese). 2023-10-16. Retrieved 2024-02-06.
  23. ^ "Thống đốc Ngân hàng nói về thời điểm xảy ra việc rút tiền tại SCB". Báo điện tử Tiền Phong (in Vietnamese). 2023-10-16. Retrieved 2024-02-06.
  24. ^ "Cơ hội nào nhận lại tiền của 42.000 người bị lừa mua trái phiếu SCB?". Báo Công Thương (in Vietnamese). 2023-11-30. Retrieved 2024-02-06.
  25. ^ "92 người tố cáo tới công an vì bị 'sập bẫy' trái phiếu bán tại SCB với gần 160 tỉ đồng". TUOI TRE ONLINE (in Vietnamese). 2023-04-28. Retrieved 2024-02-06.
  26. ^ "Vụ gửi tiết kiệm bị 'hô biến' thành bảo hiểm nhân thọ: Bộ Công an vào cuộc". TUOI TRE ONLINE (in Vietnamese). 2023-05-06. Retrieved 2024-02-06.
  27. ^ "Bộ Công an đặt nhiều vấn đề vụ gửi tiết kiệm bị 'hô biến' thành bảo hiểm nhân thọ". TUOI TRE ONLINE (in Vietnamese). 2023-06-30. Retrieved 2024-02-06.
  28. ^ "Tiền tiết kiệm bị chuyển thành mua bảo hiểm". BAO DIEN TU VTV (in Vietnamese). 2023-04-24. Retrieved 2024-02-06.
  29. ^ "Đến ngân hàng gửi tiết kiệm, vài năm sau phát hiện đã mua phải bảo hiểm". Báo điện tử Dân Trí (in Vietnamese). 2023-02-26. Retrieved 2024-02-06.
  30. ^ "Sự việc tại Ngân hàng SCB: Người dân cần bình tĩnh, tỉnh táo". VOV2.VN (in Vietnamese). Retrieved 2024-02-06.
  31. ^ "Tóm tắt các diễn biến mới nhất vụ án Vạn Thịnh Phát và ngân hàng SCB". BBC News Tiếng Việt (in Vietnamese). 2023-10-30. Retrieved 2024-02-06.
  32. ^ "Bán trái phiếu rác cho dân, liệu SCB có phạm tội lừa đảo?". Voice of America (in Vietnamese). 2023-01-07. Retrieved 2024-02-06.
  33. ^ "Nhập nhằng giữa việc giới thiệu và môi giới trái phiếu tại Ngân hàng SCB". laodong.vn (in Vietnamese). 2023-05-18. Retrieved 2024-02-06.
  34. ^ "Cơ hội nào nhận lại tiền của 42.000 người bị lừa mua trái phiếu SCB?". Tạp chí Tài chính (in Vietnamese). 2023-11-30. Retrieved 2024-02-06.
  35. ^ "SCB liên tiếp đóng cửa các phòng giao dịch". Báo điện tử Dân Trí (in Vietnamese). 2023-07-17. Retrieved 2024-02-06.
  36. ^ "Money recovered from massive Vạn Thịnh Phát bond fraud to be returned to rightful owners: Govt". vietnamnews.vn. 2024-01-01. Retrieved 2024-03-16.
  37. ^ Duyen, Hai; Thang, Quoc (2024-03-09). "'I tried to return $5.2M bribe,' former central bank inspector says at $12B fraud trial". VnExpress International. VnExpress. Retrieved 2024-03-17.
  38. ^ Duyen, Hai. "Van Thinh Phat chairwoman Truong My Lan apologizes in final statement at court". VnExpress International. VnExpress. Retrieved 2024-04-07.
  39. ^ a b Ratcliffe, Rebecca (3 December 2024). "Vietnamese tycoon faces scramble to raise billions to avoid death sentence". The Guardian.
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