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Banking & Finance

Sacombank & Southern Bank officially merge

Released at: 09:13, 15/09/2015

Sacombank & Southern Bank officially merge

Merger effective from September 9 under SBV decision.

by Hung Khanh

The State Bank of Vietnam (SBV) issued Decision No. 1844/QD-NHNN on September 9 officially accepting the merger between Southern Bank and Sacombank.

Post-merger the new bank will be known as Sacombank.

On July 11 the two banks held an extraordinary general meeting to approve the merger plan.

The Board of Management at Sacombank conducted the merger process.

The swap ratio for shares in Southern Bank and Sacombank is 1:0.75, or 1 share of Southern Bank being equal to 0.75 shares of Sacombank.

The post-merger bank will have charter capital of VND18.8 trillion ($861.98 million) and total assets of VND290 trillion ($1.32 trillion). It will have a total of 112 branches and 526 transaction points, two subsidiaries, and nine foreign branches, with a staff of 15,510.

Sacombank confirmed that all rights of customers will be secured.

The SBV is now taking all Sacombank shares owned by Mr. Tram Be (former Deputy Chairman of Sacombank), as he committed to transfer to the central bank or its representative all of his rights and obligations for shares he owned in the two banks after the merger was completed, according to the SBV.

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