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Vinaconex Viettel to merge into SHB
Date: 9/17/2016 11:10:27 AM
The State Bank of Vietnam (SBV) has given ‘in principle’ approval to the merger of Vinaconex-Viettel Finance JSC (VVF) into Saigon-Hanoi Bank (SHB).
VVF’s chartered capital is VND1 trillion and SHB’s more than VND9.48 trillion. Previously, the merger plan was approved by shareholders of the two businesses.
SHB and VVF are assigned to complete procedures for their operation reorganization in line with the prevailing regulations and report results to the SBV. The merged entity will be named Saigon-Hanoi Commercial Joint Stock Bank with chartered capital of some VND10.48 trillion.
After the merger, the bank will establish a subsidiary active in the consumer finance sector in accordance with shareholder approval at a general meeting in October last year. The new firm also got the go-ahead from the central bank.
In late October last year, shareholders at SHB’s general meeting passed the VVF-SHB merger plan. The bank said it would issue 100 million shares worth a combined VND1 trillion to make the share swap at a 1:1 ratio. SHB will restructure VVF and convert it into a consumer finance company.
According to the SBV, Vietnam had had 16 finance enterprises by the end of last year. Increasing merger and acquisition (M&A) deals are expected to back the consumer finance market which has huge growth potential.
A number of banks have acquired finance companies to restructure, increase capital and sell part of stakes to foreign investors over the past years.
(Source:english.thesaigontimes.vn)
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