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Banking & Finance

Banks set to merge

Released at: 16:25, 07/04/2015

Banks set to merge

MHB and BIDV set to hold annual general meetings on the same day to discuss joint venture.

by Hung Nguyen

Mekong House Bank (MHB) indicated that it has completed a proposal for restructuring and submitted it to the State Bank of Vietnam (SBV). Since the fourth quarter of 2014, MHB has been working with the Bank for Investment and Development of Vietnam (BIDV) in a bid to cooperate, as directed by the Governor of SBV.

The annual general meetings of both MHB and BIDV are scheduled for April 17.

In 2014, total assets of MHB increased by 17.4 per cent compared to 2013 reaching VND45 trillion ($2.08 billion). Capital mobilization increased 14.4 per cent, hitting VND37 trillion ($1.71 billion). Credit growth increased 13.8 per cent, total loans were around VND30.6 billion ($1.41 million) while non-performing loans were at 2.72 per cent, according to a report by the board.

Profit before tax increased by 14 per cent to reach VND162 billion ($7.50 million), return on assets was at 0.33 per cent, return on equity 3.7 per cent, and the capital adequacy ratio was 16.95 per cent.

MHB conducted an initial public offering in July 2011, but the bank has not been listed on the market.

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