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
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]
Debt Collection by Organized Crime
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.[19][20]
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.[21][22][23]