Combined entity will carry on operations of both banks.
The Maritime Commercial Joint Stock Bank (Maritime Bank) has announced that a merger has been agreed with Mekong Development Joint Stock Commercial Bank (MDB). It will therefore issue 357 million shares equal to VND3.75 trillion ($173.58 million), the charter capital of MDB. The company will continue to trade under the name Maritime Bank with total charter capital of VND11.75 trillion ($543.9 million).
According to the agreement between the two parties, the company and name of MDB will officially disappear. All assets, rights, obligations and legal interests of the MDB will be transferred.
The deal was approved by the State Bank of Vietnam on March 18.
After the merger, Maritime Bank will own total assets of VND113 trillion ($5.23 billion) and around 5,000 staff employed in a network of nearly 300 locations across the country. It will inherit and carry on all current operations of Maritime Bank and MDB.