Central Bank refutes Habubank acquisition by SHB.

The Central Bank has refuted that Hanoi Building Commercial Joint Stock Bank (Habubank) had been acquired by Saigon-Hanoi Commercial Joint Stock Bank (SHB).

This information is groundless and inaccurate, said Habubank, in a press release issued yesterday afternoon.

“It has also interfered with information on the stock market, which can affect investors’ interests.”

When several media reports stated that Saigon-Hanoi Commercial Joint Stock Bank was negotiating with Habubank to buy a large part of the latter’s shares, the State Bank of Vietnam immediately rejected the rumour that it had given the green signal to SHB to acquire Habubank.

“It is a false rumour and the State Bank has yet to receive any proposal from either party about a merger or acquisition. Therefore, should there be any information regarding buying of shares or bank merger, the State Bank will officially announce as required by law on its website”, said the central bank on Tuesday.

The merger and acquisition policy, as approved by the government in a bid to increase credit institutions’ health, safety, and financial ability, will be put under the close watch of the central bank and relevant agencies, confirmed the State Bank.

Meanwhile, SHB has released it strategy to expand the bank.

“SHB is seeking partners for mergers to increase potential and expand operations in a bid to become a leading national and regional bank,” said the bank in a press release.

The plan is in accordance with government policy, which encourages healthy banks to join hands in the restructuring process, the announcement read.

SHB also affirmed that it always functioned as per the law on mergers and acquisitions, as well as followed regulations on transparency and sharing of information.

Source SGGP - Translated by MT

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