Vietnam's Cables and Telecommunication Material Co. (SAM, Sacom) is talking about setting up a bank, a Sacom official said on Friday.
If the central bank approved, the bank would be established in the northern province of Bac Ninh, the eastern neighbour of Hanoi, the official said.
"We had a meeting yesterday with others to talk about the bank establishment," he said, but declined to give further details.
On Friday, the ruling Communist Party-run Nhan Dan newspaper said Sacom was one of the four founders of the Kinh Bac Commercial Bank, which would have a registered capital of 1.5 trillion dong ($93 million).
Sacom, the Vietnam Motor Industry Corporation (Vinamotor), Lilama and Duc Giang Garment Company would account for half the shares in the bank, the report said without giving details of the share allotment.
More than 30 partly private banks are operating in Vietnam, where five state-run commercial banks account for 70% of the market's lending.
Based in the southern province of Dong Nai, Sacom initially manufactured electrical and telecommunications cables.
But in recent years it has been seeking to branch out into real estate and telecoms services.
Last year, Sacom formed a venture with Taihan Electric Wire Co. Ltd to produce power and telecom cables.
Sacom said in March it was seeking to raise funds for a $24.8-million five-star resort in the Central Highland city of Dalat, a $25-million office building in Ho Chi Minh City and to invest in a telecoms joint venture in Cambodia.
On Friday, Sacom shares fell 10,000 dong, or 4.95%, to 192,000 dong ($11.9).
Source: Reuters
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