Vietnam Daily News

SBV gives in principle approval for merger of three banks

Written by Dailynews.vn Monday, 19 December 2011 19:46

The State Bank of Vietnam (SBV) on December 16 issued document approving in principle for the merger of three banks namely Saigon Commercial Joint Stock Bank (SCB), Vietnam Tin Nghia Commercial Joint Stock Bank (Vietnam Tin Nghia Bank) and De Nhat (First) Commercial Joint Stock Bank (Ficombank). Accordingly, three banks must have responsibility for completing documents in lines with the central bank's regulations on merger consolidation and acquisition of credit institutions and submitting for the central bank's governor's consideration and approval. Earlier, the shareholders' meeting of three banks passed the merger plan and agreed to use the name of Saigon Commercial Joint Stock Bank (SCB) for the newly-merged bank. The newly-unified bank will have new chartered capital of nearly 10.584 trillion dong and total assets of 153.626 trillion dong. As planned, on December 23, the newly-consolidated bank will organise consolidation shareholders' meeting to pass the staff structure and development plan and orientation in the future.

Source: www.intellasia.net/news/articles/finance/111351350.shtml