The Ho Chi Minh City-based Sacombank has begun work on a US$5 million data center to house the lender’s southern server system and technology network.
The center, located in Binh Duong Province’s Thuan An District, will cost the bank an estimated $2 million for basic infrastructure and US$3 million for IT facilities.
It is scheduled to begin operation by the year’s end.
The bank has recently sealed a deal with leading software producer Microsoft to modernize its IT system.
In the last four years, Sacombank has spent US$4 million on technology and plans to invest more.
The HCMC bourse-listed bank experienced high growth in the year’s first quarter with gross profits soaring 88 percent to reach VND302 billion.
Sacombank also posted total assets of VND30 trillion, a surge of 68 percent against the same period last year.
Earlier this year Fitch Ratings has affirmed Sacombank’s Individual and Support ratings of 'D' and '5', respectively, reflecting its adequate balance sheet strength and good profitability.
It is set to make a 1:2 rights issue this year to raise VND1.45 trillion (US$90 million), increasing its chartered capital to VND3.55 trillion ($221 million).
Sacombank has three foreign strategic shareholders, the World Bank's International Finance Corp., Dragon Capital and ANZ Bank , which altogether held 26.3 percent of stake.
The bank reportedly might lift the cap on foreign investors’ holdings in the bank.
Source: Thanh Nien
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