Maritime Bank gets nod to acquire finance firm

Maritime Bank has received approval from the State Bank to acquire the Textile and Garment Finance JSC, an affiliate of the Viet Nam National Textile and Garment Group.

State Bank Governor Nguyen Van Binh issued the decision last Friday, saying that it would take effect on July 6. The company will be renamed Maritime Bank Finance Company Limited.

A shareholder meeting was told in May that the acquisition would turn the firm into a consumer finance company.

The bank will also complete a merger with the Mekong Development Bank in the second quarter.

The new institution will have VND11.75 trillion ($560 million) in equity and VND113 trillion ($5.38 billion) in total assets.—

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