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  Banking Finance

Bank, Aviation Ink Cooperation Deal

The Eastern Asia Joint Stock Bank (EAB) and Southern Airport Services Company (Sasco) last week signed an investment and comprehensive cooperation contract, under which, Sasco will become EAB’s strategic shareholder of the EAB and cooperate with the bank in banking and finance services, technical, training and other fields.

Accordingly, Sasco will transfer most of its financial transactions to the bank.


Namely, Sasco will pay salaries via EAB multi-functional cards, assist EAB to install automated teller machines (ATMs) at departure gates and precincts of Sasco.


In addition, Sasco will help the bank advertise images at the headquarters and transaction points of Sasco.

The EAB, in turn, will offer Sasco technical assistance in order to promote the sales of duty free goods.

Additionally, the bank will cooperate with Sasco to open foreign currency exchange counters at the Tan Son Nhat Airport.

By selecting Sasco as a strategic partner, the bank is aiming to scale up capital in 2006. EAB is also conforming to its development strategy 2006-2010 whereby the bank targets becoming the country’s leading commercial bank in retail banking services.

As planned, the bank will increase its chartered capital from VND500 billion to VND880 billion.

Meanwhile, the state run Sasco owns total capital of more than VND716 billion. The company has expanded cooperation with such partners in China, Japan, Europ, South Africa and so on.

VCCI - (19/04/2006)

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