Explanation for swap ratio presented to Maritime Bank AGM as well as 2014 results and targets for 2015.
Maritime Bank held its 2015 annual general meeting yesterday.
The merger between the bank and the Mekong Development Bank (MDB) was on the agenda, as was the plan to purchase the Vietnam Textile and Garment Finance Joint Stock Company (TFC). Maritime Bank expects to wrap up both deals by the end of June or early July.
The stock swap ratio between Maritime Bank and MDB is expected at be 1:1. “The decision on the 1:1 ratio was based on the audited book value and the value of branding, products, networks, and development experience, among others,” a representative of the bank told the AGM. “We believe these to be relatively equal, and the ratio will not have any negative influence on the ownership structure or operations post merger.”
Maritime Bank posted profit before tax and risk provisions of VND985 billion ($45.16 million) in 2014, 2 per cent lower than the target, while its bad debt ratio was 2.61 per cent, 0.1 per cent less than in 2013.
For 2015 it has set a target of total assets to reach VND109.57 trillion ($5.02 billion), an increase of 5 per cent against 2014, outstanding credit to reach VND42.01 trillion ($1.92 billion), 6 per cent higher, profit before tax and risk provisions to be VND1.11 trillion ($50.89 billion), and increase of 13.1 per cent, and for bad debts to be kept at less than 3 per cent, as required by the State Bank of Vietnam.
The bank did not pay a dividend for 2014.