Merged bank named Saigon Commercial Bank

Ficombank, Tin Nghia Bank and Saigon Commercial Joint Stock Bank passed a resolution to name the joint merger bank as ‘Saigon Commercial Bank’.

It has a capital of VND10.5 trillion or US$507.8 million, equaling 1,058 shares, and total assets worth VND153.62 trillion.

During the merger process, all shares of the three banks will be converted into the new bank’s stocks with their values remaining unchanged.

The three above banks recently faced liquidation as they had used up short-term capital for medium and long-term loans. When their short-term capital ran scarce, all three banks faced liquidity problems.

Ficombank, Tin Nghia Bank and SCB reported a total chartered capital of VND10.6 trillion or US$504.7 million and total assets valued at VND154 trillion or $7.33 billion by late September 2011.

In the coming period, relevant parties will reassess operations of the three banks, their debts and assets and the State Bank will decide on state capital involvement ratio in the new bank after auditor assessment results are available.