The State Bank of Vietnam (SBV) yesterday afternoon issued an official decision approving the merger deal between Phuong Nam Bank (Southern Bank) and the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)
Previously, the two banks organized extraordinary meetings on July 11 and 14 when their shareholders voted for a project to merge Southern Bank into Sacombank. They also agreed that Sacombank board of directors would operate the merger.
The merged bank will become the top five largest banks in Vietnam with total asset reaching VND290,861 billion (US$12.94 billion), chartered capital of VND18,853 billion (US$838.5 million), 567 transaction offices in Vietnam and two in Lao and Cambodia, and 15,510 employees.
SBV said that the merger suited the Government’s direction in the banking restructuring program to create stronger, safer and more professional credit institutions.