Habubank-SHB merger gets approved

The merger between Habubank and SHB has been approved Governor of the State Bank of Vietnam, Nguyen Van Binh.

The two banks were asked to complete procedures on the merger for submission to the governor for approval.

The new bank will be named as Saigon-Hanoi Commercial Joint Stock Company, with a charter capital of nearlyUSD428.57 million and total assests of over USD4.76 billion. It will havearound 500,000 customers and 5,000 staff. After the merger, one share of Habubank will be equal to 0.75 an SHB share.

Governor Binh announced that SBV will complete plans to restructure nine badly performing banks this month.

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