SCIC wants to buy 10% stake in Military Bank

At a shareholders' meeting of the Military Commercial Joint Stock Bank (MB) on Tuesday, MB Chairman Le Huu Duc confirmed that the State Capital Investment Corporation (SCIC) intended to buy a 10% stake in the bank to become a strategic shareholder.

Duc said SCIC and many organizations were interested in and desired to own shares of the bank. MB Board of Directors worked with SCIC and set out the requirements for SCIC to be MB’s strategic shareholder.

Duc also said that MB would acquire or merge with other credit institutions to establish its subsidiaries in an aim to promote the consumer finance sector.

Luu Trung Thai, MB Vice Chair, said that MB has researched the operation of two banks for merger. However, research showed that the merger is not the best option. There are many other modern methods to increase network and clients - cooperating with Viettel Corporation.

Although the operation results of MB in 2014 were very good, many shareholders still worried about the plan to increase its charter capital to VND16 trillion to enter the group of top five domestic banks in Vietnam, including MB, Agribank, Vietinbank, Vietcombank, and BIDV.

vietnamnet

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