SBV APPROVED PRINCIPLE OF MERGING SOUTHERN BANK INTO SACOMBANK13/08/2015
Earlier, on 11th July 2015 and 14th July 2015, Sacombank and Southern Bank organized Extraordinary Shareholders Meeting. Shareholders of the two banks approved the plan to merge Southern Bank into Sacombank, plan to issue shares for the merger and authorized Sacombank’s BOD to solve the task relating to the merger. After the merger, Sacombank is going to be in the Top 5 largest banks in Vietnam with total assets reaches VND 290,861 billion; equity of VND 22,645 billion, including the charter capital of VND 18,853 billion; operation network raise up to 567 transaction points locating nationwide and in Laos, Cambodia; total number of employees would be 15,510 people. All customers’ rights and obligations is ensured, together with a stronger capital resources, Sacombank could further improve the scale and quality of services supply to customers, increase the availability provision of funds to the market.
The merging Southern Bank into Sacombank is consistent with the general orientation of the Government and the SBV in the program of restructuring the banking system in order to bring to market those financial institutions strong, safe and professional.