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VVF to be merged into SHB early next year
Date: 12/18/2016 11:40:04 PM
The merger of Vinaconex-Viettel Finance JSC (VVF) into Saigon-Hanoi Bank (SHB) is expected to be complete early next year following the State Bank of Vietnam’s (SBV) approval.
The SBV on Wednesday issued a decision allowing the merger and revoking VVF’s establishment and operation licenses. The licenses will automatically expire when SHB registers the merged entity with the central bank.
SHB will take over all the assets and liabilities of VVF. Within 45 working days from the date of the decision taking effect (January 12, 2017), SHB must complete procedures for business registration and disclose information as required by the prevailing rules.
VVF is required to hand over all its assets and liabilities to SHB, return its establishment and operation licenses to the central bank, and announce its closure.
In mid-September, the central bank gave “in principle” approval to the merger of VVF into SHB.
VVF’s chartered capital is VND1 trillion and SHB’s more than VND9.48 trillion. The merger deal was already approved by shareholders of the two businesses.
The SBV has given the green light to SHB to establish a consumer finance company.
At an extraordinary general meeting in late October last year, SHB shareholders 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 firm.
According to the SBV, Vietnam had had 16 finance companies by the end of last year. Increasing merger and acquisition (M&A) deals are expected to support the consumer finance market which holds huge growth potential.
A number of banks have acquired finance companies to restructure them, increase their capital and sell part of their shares to foreign investors over the past years.
(Source:english.thesaigontimes.vn)
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