The Great Bank Branch Shake-up: What Happened to the 42 VietinBank, Sacombank, and SCB Offices?

VietinBank Ceases Operations at 32 Transaction Offices

VietinBank has recently announced the closure of seven transaction offices across various provinces and cities, including Hanoi, Ho Chi Minh City, Gia Lai, Quang Ninh, Hue, and Dong Nai, effective immediately in May or early June.

Prior to this, at the end of March, the bank also notified the termination of 25 transaction offices in Hanoi, Hai Phong, Thai Nguyen, Ho Chi Minh City, and Phu Tho.

During the 2025 Annual General Meeting of Shareholders, Mr. Tran Minh Binh, Chairman of the Board of Directors of VietinBank, discussed the streamlining of the transaction system. He affirmed that VietinBank would be the first large state-owned bank to undertake this initiative.

“VietinBank plans to close down several hundred transaction offices and replace them with digital platforms to better serve customers and enhance their experience,” stated Chairman Tran Minh Binh. He emphasized that this is a key objective that VietinBank is strongly investing in, and the results will be evident in the near future.

As of the end of 2024, VietinBank’s network comprised 1 head office, 2 domestic representative offices (in Da Nang and Ho Chi Minh City), 1 representative office in Myanmar, 8 business units, 157 branches, and 953 transaction offices, including 2 overseas branches. The bank’s personnel strength as of the same period stood at 24,731 employees, a slight increase from 2023.

The bank’s management shared that alongside the restructuring of the system, VietinBank is vigorously promoting digital transformation and applying artificial intelligence (AI) in governance and customer care. They are also committed to enhancing the quality of human resources.

VietinBank is currently implementing 108 foundational initiatives in the first phase of its digital transformation program. Approximately 60-70% of products have been transitioned to digital channels, and digital transactions now account for 99% of all transactions.

To enhance NIM (net interest margin), the bank aims to control capital costs through technology application, attract high-potential customer segments, and implement projects to increase asset profitability and cross-selling effectiveness.

Additionally, the bank is piloting an AI-powered contact center model that can potentially replace up to 70% of operational human resources, leaving only 30% to manage this model. The bank is also instructing its human resources department to review positions impacted by AI and plan for the transition of this group to other departments, ensuring that those with fewer people are capable of utilizing artificial intelligence.

Sacombank Shuts Down 7 Transaction Offices

Following the closure of 2 transaction offices in Hanoi in April, Sacombank has recently closed 5 more in Ho Chi Minh City.

At the 2025 Annual General Meeting of Shareholders held last month, Chairman of the Board of Directors, Mr. Duong Cong Minh, shared that Sacombank has been aggressively investing in digital transformation. Since 2024, the bank has started streamlining its personnel and will continue to do so in the 2025-2026 period.

Concurrently, the number of traditional transaction offices will be gradually reduced, and operations will be shifted to digital platforms.

Sacombank is currently one of the largest private banks in Vietnam, with an extensive network across the country. According to the first-quarter financial report for 2025, the bank has 1 head office, 109 branches, and 437 transaction offices in various provinces and cities nationwide. The number of transaction offices remained unchanged in the first three months of 2025.

In 2024, the bank reduced the number of transaction offices from 443 to 437 and also downsized its personnel by 354 employees. In the first quarter of this year, Sacombank’s parent bank further reduced its workforce by 930 people, leaving approximately 16,128 employees.

SCB Closes 3 More Transaction Offices

According to a recent announcement from SCB, three of its transaction offices will cease operations from May 17.

These include: Nguyen Chi Thanh Transaction Office – Tan Phu Branch, located at 463-465 Nguyen Chi Thanh Street, Ward 12, District 5, Ho Chi Minh City.

Hau Giang Transaction Office – Cho Lon Branch, located at 1079 (old number 1075) Hau Giang Street, Ward 11, District 6, Ho Chi Minh City.

Phan Xich Long Transaction Office – Phu Dong Branch, located at 182 Phan Xich Long, Ward 2, Phu Nhuan District, Ho Chi Minh City.

SCB has been consistently downsizing its network since June 2023, with up to 15-16 transaction offices closed in a single month. From then until February 2025, the bank has shut down a total of 145 transaction offices and branches.