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This is also the second merged bank, following in the path of the Ficombank, TinNghiaBank and Saigon Commercial Bank union in December last year.
Under the SBV’s decision, during the merger process, the Saigon-Hanoi Bank Commercial Joint Stock Bank (SHB) will take over the legal whole assets, rights, duties of the Hanoi Building Commercial Joint Stock Bank (Habubank). Within 15 working days after the decision takes places from August 28, SHB must complete all business register procedures and announce the merger. Habubank will have to hand over its entire assets, rights and duties to SHB.
The new bank, which will trade under SHB will have 54 branches and 150 transaction offices countrywide, and some 5,000 bankers and employees. The bank has a total registered capital amounting to VND9 trillion (USD428.6 million), enabling SHB to become one of the country’s eight largest banks by assets. Its total assets are expected to reach VND123 trillion (USD5.85 billion) by the end of this year.
The two banks held a shareholder meeting last April, after which SHB began to take over management activities in Habubank.
A news source said that, after the decision, the two sides would withdraw HBB coded Habubank shares listed at Hanoi Stock Exchange (HNX) and then seek approval from the State Securities Commission to issue convertible shares.
