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Sacombank shareholders agree to merge with Southern Bank
Sacombank shareholders have agreed to the bank's plan to merge with Southern Bank, with 93.7 per cent of those voting in favor at an unusual meeting on July 11.
Under the plan, each share of Southern Bank will be converted into 0.75 per cent of one share of Sacombank.
Addressing the meeting, Vice Chairman of Sacombank Nguyen Mien Tuan said Sacombank would submit the plan to authorized agencies for approval, in principal, in the third quarter of this year.
The bank would then register deposits and list additional stocks during the fourth quarter, he added.
After merging, the bank's name will remain Sacombank, with a charter capital of more than VND18.8 trillion (US$862 million) and total assets of over VND290.8 trillion ($13.3 billion).
Further, Sacombank's network will increase to 567 locations in Viet Nam, Laos and Campuchia.
Also, Vice Director of the State Bank of Viet Nam's Department of Inspection and Supervision in HCM City, Nguyen Thi Phi Loan, said the State Bank of Viet Nam reviewed the merger plan and found it consistent with the development trend of the banking market in Viet Nam.
Additionally, the merger would make a positive contribution to restructuring the banking sector and speeding up the implementation of policies of the Government and State Bank of Viet Nam to stabilise the economy and the banking system, in a bid to assure sustainability and safety, she said.
Sacombank reported a pre-tax profit of more than VND2.8 trillion ($128.4 million) last year.
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