Vietnam Daily News

Customers accept bank merger plan without fuss: report

Written by Dailynews.vn Friday, 16 December 2011 17:45

There was no panic rush on deposits after the merger of three Vietnamese banks was announced

New deposits into the three banks that are going through a high-profile mergerA haveA risen over the lastA couple of days, an officialA involved in the merger said.

The merger is the first major step being taken as part of efforts to restructure the domestic banking sector.

There was no panic rush on deposits after the merger was announced,A said Tran Bac Ha, chair of the Bank for Investment and Development of Vietnam, known widely as BIDV.

Ha told the VnExpress news website that it was business as usual Thursday at the Saigon Commercial Bank, Vietnam Tin Nghia Bank and Ficombank. Fewer clients have withdrawn their money from the three banks compared to early in the week.

In fact, new deposits actually rose by around 50 percent compared to Wednesday, Ha said, adding many depositorsA chose toA renew their deposits upon maturity.

State-run BIDV has been assigned the task ofA representing and managing the government's stake in the newly formed bank after the merger. It has also inked a deal with the three small lenders to support them through the process.

"I myself would continue to deposit my money into the three banks, and even call for my staff to do so. The merger will combine the banksa?

Source: www.intellasia.net/news/articles/finance/111350957.shtml