The State Bank of Vietnam (SBV) has allowed Hanoi Saigon Bank (SHB) to take over Hanoi Building Bank (Habubank), successfully completing the second M&A deal in the banking sector in less than a year.
SHB General Director Nguyen Van Le said on August 7 that under the SBV’s decision No.1159, the newly-merged bank is named SHB and the name of Habubank is no longer valid.
According to Le, the M&A deal between Habubank and SHB lasted more than three months before receiving the official approval from the central bank.
At an annual meeting in May, SHB shareholders agreed on the takeover plan to increase the registered capital of the new lender to over VND9 trillion (US$432 million).
At present, the new lender SHB has a total asset of more than VND100,000 billion, equivalent to the scale of banks in G12. It has a staff of nearly 5000 working in over 150 transaction offices and 54 branches nationwide.
Source: VOV News
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