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Banking & Finance

SHB to merge with VFF, sets high targets for 2015

Released at: 08:15, 26/04/2015

SHB to merge with VFF, sets high targets for 2015

AGM told of 2014 results and plans for 2015.

by Hung Nguyen

The annual general meeting for 2015 of the SaiGon Hanoi Commercial Bank (SHB) was held on April 24.

In 2015 the bank targets to increase its total assets to VND200 trillion ($9.26 billion), or 18 per cent higher than last year. Capital mobilized from economic institutions and individuals are to rise 19 per cent, reaching VND152 trillion ($7.09 billion), Profit before tax is to be VND1.12 trillion ($51.86 million), an increase of 11 per cent against 2014. The dividend is set at 7.5 per cent and outstanding credit targeted to increase 15 per cent.

It also plans to increase its charter capital by 18 per cent, to reach VND10.48 trillion. Capital will increase VND620 billion ($28.71 million) by paying dividends after issuing additional stocks, and VND1 trillion ($46.31 million) will be raised from issuing additional swap stocks after the merger with the Vinaconex-Vietel Finance Company (VFF), with a swap ratio of 1:1.

After the merger SHB will open its own finance company. Chairman Do Quang Hien said that there were many foreign investors interested in VFF but SHB will build and invest more before taking any further steps.

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  • SHB
  • AGM

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