Merger procedures to be completed in fourth quarter.
On the August 12, the State Bank of Vietnam (SBV) has announced the acceptance of the merger between Southern Bank and Sacombank on a voluntary basis between these two banks.
The SBV indicated that this move from two banks is suitable with the direction of the financial reform process.
Especially, Mr. Tram Be, Vice Chairman of Sacombank has committed that he will transfer for SBV or representative that SBV assigned all of his rights and obligations for the shares that he own post merger of the two banks, according to the SBV.
Sacombank added that the merger and securities procedures will be completed in the fourth quarter.
The swap ratio for shares of 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.