Sacombank was established on December 21, 1991 with a charter capital of three billion VND, operating only in the suburbs. After 1992, the bank increased its charter capital and moved its headquarters to 600 Nguyen Chi Thanh, District 11, Ho Chi Minh City. Currently, the headquarters is located at 266-268, Nam Ky Khoi Nghia, District 3, Ho Chi Minh City. Deciding to move north after only nearly 2 years of establishment, on March 2, 1993, Sacombank 's Hanoi branch opened, contributing to the opening of North-South transactions, serving as a bridge for the strategy of expanding the network in the North as well as markets in many localities nationwide.
Along with expanding its network, Sacombank identified that rural areas are an untapped market that needs to be exploited. According to the bank's management, urban areas may be very vibrant and yield quick, concentrated profits, but rural areas are Vietnam's major markets. When the rural market is firmly mastered, the vitality of the business will be sustainable.
At that time, most banking services were concentrated in large cities while businesses and people in rural areas also had the need to borrow capital and make transactions. Developing services in this area was necessary, not only to benefit banks but also to support economic development in all regions.
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