A banking giant closes a series of transaction points

Not SCB, another joint stock commercial bank is also recently closing a series of transaction points.

According to data updated to July 4, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) has 535 branches and transaction offices nationwide.

This is a significant number for a joint stock commercial bank. However, since the beginning of 2025, Sacombank has terminated the operations of a series of transaction offices.

Most recently, on June 30, Sacombank closed 5 transaction offices in Ho Chi Minh City at the same time, including: Hoa Thanh Transaction Office (belonging to Binh Tan Branch); Hoang Hoa Tham Transaction Office (belonging to Binh Thanh Branch); Thong Tay Hoi Transaction Office (belonging to Go Vap Branch); Nguyen Cong Tru Transaction Office (belonging to District 4 Branch) and Hoa Hung Transaction Office (belonging to Nguyen Van Troi Branch).

Sacombank also announced the termination of operations of Long Thanh Transaction Office (belonging to Dong Nai Branch) and Trang Bang Transaction Office (Tay Ninh Branch) from June 16.

Previously, Sacombank stopped operating Bach Khoa Transaction Office ( Hanoi Branch) and Thuy Khue Transaction Office (Dong Do Branch, Hanoi City) since April 14.

Sacombank has taken drastic measures to close a series of transaction points. Photo: Sacombank

The bank, chaired by Mr. Duong Cong Minh, also terminated the operations of the Thot Not Transaction Office (Can Tho Branch) and the Hong Ngu Transaction Office (Dong Thap Branch) from April 15.

Not only closing a series of transaction points in the first 6 months of 2025, Sacombank also rearranged the system of transaction offices by changing the names and locations of dozens of transaction offices to comply with new management requirements.

In addition to Sacombank, a "big guy" in the group of state-owned commercial banks, VietinBank, also announced the termination of operations of 7 transaction offices in May and June, bringing the total number of closed transaction offices of VietinBank to 32.

VietinBank said that continuing to deeply digitize products and services, redesigning business processes, cutting down on traditional transaction networks, focusing on exploiting the power of data... are key activities to accelerate comprehensive digital transformation.

In the case of Saigon Commercial Joint Stock Bank (SCB), the bank has been forced to close hundreds of transaction points in the past two years to reduce cost burden.

As of July 15, SCB only maintained 54 transaction offices in 20 provinces and cities after the merger. This number is equivalent to about 25% compared to the 207 transaction offices that were operating before SCB closed 153 transaction offices in just two years.

The simultaneous closure of transaction offices at SCB took place after the scandal involving Truong My Lan - the bank's controlling shareholder - was exposed. The cuts have been taking place massively since June 2023 and show no signs of stopping.

In 2024 alone, the bank closed 95 transaction points.

In the first 6 months of 2025, 14 SCB transaction offices stopped operating. The most recent time was on June 13, SCB announced the closure of 3 transaction offices in Ho Chi Minh City.

Source: https://vietnamnet.vn/mot-dai-gia-ngan-hang-am-tham-dong-cua-hang-loat-diem-giao-dich-2424591.html