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Techcombank

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Vietnam Technological and Commercial Joint Stock Bank, commonly referred to as Techcombank,[1] is a publicly listed Vietnamese bank.[2] Its shares are traded on the Ho Chi Minh City Stock Exchange under ticker TCB.[3]

History and ownership

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Techcombank (TCB) was founded in 1993[4]  by Vietnamese businessmen who returned from Russia. Its domestic investors include Vietnam Airlines[5] and Masan Group.[6]  In 2005, global bank HSBC acquired a 10% stake in Techcombank.[7][8] In 2008, HSBC increased its stake in the bank to 20% by making a follow-on investment of $77.1 million.[9][10] In 2017, HSBC divested its strategic investment in Techcombank by selling its 172 million share stake.[5] In 2018, US private equity firm Warburg Pincus invested $370 million.[11]

In 2018, the company listed its shares on the Ho Chi Minh City Stock Exchange. The company raised more than $900 million through the IPO, making it Vietnam’s largest IPO to date.[12][2] The majority of the IPO shares was reserved for so-called cornerstone investors,[13] i.e. institutional investors which included GIC,[14] Fidelity and Dragon Capital.[15] 

Today, Techcombank is one of the largest joint stock banks in Vietnam.[16]  As of 2019, it has more than 300 branches[17] and serves more than 5 million customers.[5] As of 2021, the bank's total assets and net income were VND 568,811bn ($24.89bn) and 18,038bn ($789 million) respectively.[18] In 2024, Techcombank won four prestigious awards from the Asian Banker for excellence in transaction banking, for its use of cloud-based technology, data and AI, for its use of cloud-based technology and growth strategy in retail banking. It was also named as the Best Transaction Bank in Vietnam and top prize for Best Transaction Bank in Vietnam for consecutive two years.[19]

Debt Collection by Organized Crime

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On April 17, 2015, several people claiming to be Techcombank employees from the Son Tay branch broke into the warehouse of the Phan Dang Anh family, who live in Xuan Phu commune, Phu Tho district, Hanoi, with the intention of collecting debt and sealing property.[20][21]

On April 6, 2016, a "special debt collection team" wearing uniforms and carrying batons, shields, and crowbars broke down the door of the house at 756 Quang Trung Street, Ha Dong, belonging to the Doan The Minh family, in order to pressure them to pay their debt.[22][23][24]

Awards

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  • In 2023, Techcombank, a joint stock commercial bank in Vietnam, was awarded the "Best Financial Institution for Syndicated Loan in Vietnam" at The Asset Triple A Country Awards.[25][26][27]
  • The Asian Banker has recognized Techcombank as the "Best Retail Bank" in Vietnam.[28][29]
  • Best Customer Engagement Bank in Asia awarded by IDC.[30][31]
  • Best Cloud-Based Digital Transformation Bank in Asia-Pacific awarded by The Asian Banker.[32][33][34]

References

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  1. ^ Mendoza, Carmela (2018-03-14). "Warburg seals biggest PE deal in Vietnam". Private Equity International. Retrieved 2020-06-02.
  2. ^ a b "Vietnam's Techcombank sinks on debut". Financial Times. Retrieved 1 June 2020.
  3. ^ "TCB.VN | Vietnam Technological & Commercial JS Bank Stock Price & News - WSJ". www.wsj.com. Retrieved 2020-06-02.
  4. ^ "FORM 6". www.sec.gov. Retrieved 2020-06-02.
  5. ^ a b c "Warburg Pincus to pump $370m into Vietnam's Techcombank". Nikkei Asian Review. Retrieved 2020-06-02.
  6. ^ "TPG invests in Vietnamese food produce". Financial Times. Retrieved 1 June 2020.
  7. ^ Linebaugh, Kate (2007-02-02). "Global Banks Continue Their Push Into Vietnam". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-02.
  8. ^ "HSBC gains new foothold in Vietnam". Financial Times. Retrieved 1 June 2020.
  9. ^ "HSBC Adds to StakeIn Vietnamese Bank". Wall Street Journal. 2008-08-29. ISSN 0099-9660. Retrieved 2020-06-02.
  10. ^ "HSBC to double stake in Vietnam". Financial Times. Retrieved 1 Jun 2020.
  11. ^ Venkat, P. R. (2018-03-12). "Warburg Pincus Will Invest Over $370 Million In Vietnam's TechcomBank". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-02.
  12. ^ "Techcombank to price Vietnam's biggest IPO at top end, raise $922 million: source". Reuters. 2018-04-23. Retrieved 2020-06-02.
  13. ^ VIR, Vietnam Investment Review- (2018-04-29). "164 million Techcombank shares sold out to institutional investors". Vietnam Investment Review - VIR. Retrieved 2020-06-02.
  14. ^ "GIC Is Said Poised to Invest in Techcombank's $900 Million IPO". Reuters. Retrieved 1 June 2020.
  15. ^ "Techcombank kicks off Vietnam's biggest IPO". The Business Times. 2018-04-14. Retrieved 2020-06-02.
  16. ^ "Techcombank places 1.65mn shares with institutional investors". vneconomictimes.com. Retrieved 2020-06-02.
  17. ^ VIR, Vietnam Investment Review- (2019-10-04). "Techcombank ranks third in top 500 most profitable companies". Vietnam Investment Review - VIR. Retrieved 2020-06-02.
  18. ^ "Registration". markets.jpmorgan.com. JPMorgan. Retrieved 2023-04-21.
  19. ^ "Techcombank wins a host of awards for excellence". 29 May 2024. Archived from the original on 30 May 2024. Retrieved 2 June 2024.
  20. ^ "Techcombank bị tố 'tự ý' cắt khóa, 'chiếm' nhà khách hàng". Báo điện tử Thương Trường (in Vietnamese). 2017-03-15. Retrieved 2024-01-24.
  21. ^ PV. "Techcombank phản hồi về việc bị tố "tự ý" cắt khóa xiết nợ khách hàng - Tạp chí Doanh nghiệp Việt Nam". Cơ quan ngôn luận của Hiệp hội Doanh nghiệp Khoa học và Công nghệ Việt Nam (in Vietnamese). Retrieved 2024-01-24.
  22. ^ "Vượt mặt cơ quan công quyền?". suckhoedoisong.vn (in Vietnamese). 2016-04-11. Retrieved 2024-01-24.
  23. ^ "Hà Nội: Ngân hà ng Techcombank dẫn tổ đặc nhiệm S.W.A.T". Tạp chí Người Hà Nội (in Vietnamese). 2016-04-09. Retrieved 2024-01-24.
  24. ^ danviet.vn. ""Tổ đặc nhiệm" ngân hàng Techcombank phá nhà dân?". danviet.vn (in Vietnamese). Retrieved 2024-01-24.
  25. ^ VnExpress. "Techcombank nhận giải thưởng quốc tế về giao dịch vay hợp vốn". vnexpress.net (in Vietnamese). Retrieved 2024-01-24.
  26. ^ "Techcombank được vinh danh Ngân hàng tốt nhất Việt Nam". VOV.VN (in Vietnamese). 2023-07-04. Retrieved 2024-01-24.
  27. ^ "Techcombank được vinh danh 'Ngân hàng số tốt nhất năm 2023'". Báo điện tử Tiền Phong (in Vietnamese). 2023-05-26. Retrieved 2024-01-24.
  28. ^ "The Asian Banker vinh danh Techcombank là 'Ngân hàng bán lẻ xuất sắc nhất'". VietNamNet News (in Vietnamese). Retrieved 2024-01-24.
  29. ^ "Techcombank được vinh danh ngân hàng xuất sắc nhất Việt Nam". Báo điện tử Tiền Phong (in Vietnamese). 2023-06-15. Retrieved 2024-01-24.
  30. ^ "Gợi ý bí quyết giúp quản lý tài chính cá nhân hiệu quả". Báo điện tử Tiền Phong (in Vietnamese). 2023-05-13. Retrieved 2024-01-24.
  31. ^ "Techcombank – Kết quả kinh doanh 6 tháng đầu năm 2023: Kết quả kinh doanh vững chắc, CASA tăng trưởng trở lại" (in Vietnamese). 2023-05-13. Retrieved 2024-01-24.
  32. ^ "The Asian Banker vinh danh Techcombank là Ngân hàng bán lẻ xuất sắc nhất". baodautu (in Vietnamese). Retrieved 2024-01-24.
  33. ^ VnExpress. "your reward card". vnexpress.net (in Vietnamese). Retrieved 2024-01-24.
  34. ^ Thương, Báo Công (2023-06-16). "Techcombank được vinh danh NH xuất sắc nhất Việt Nam và châu Á TBD | Báo Công Thương". Báo Công Thương điện tử, kinh tế, chính trị, xã hội (in Vietnamese). Retrieved 2024-01-24.
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