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RETAIL BANKING | Cesar Tordesillas, Vietnam
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State Bank denies rumors of SHB's takeover of Habubank

Tthe State Bank of Vietnam stated that it has not received any report on the SHB’s proposal to buy Habubank.

 

This happened after Vietnam's financial market once again vibrated with the news about the attempt of SHB to take over Habubank. 

Habubank has sent a press release to local newspapers, denying the information.

There are news reports that the deal of SHB buying Habubank has nearly completed after it got the nod from the central bank, and that the expected conversion ratio is 1.34 Habubank shares for one SHB share. The local newspaper affirmed that the two banks signed an agreement on the merger of Habubank into SHB, while the two sides were under the technical negotiations on the valuation of Habubank;

The SHB has not denied the purchase of Habubank, while saying that it is seeking the opportunities to merge some banks into it.

Meanwhile, Le Trong Nhi, a well known finance expert, has warned that the rumors would badly affect the economic security. The rumor about some banks to be merged into others may lead to the fact that people would rush to the bank to withdraw their money.

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