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Banking & Finance

VIB sets sights on credit institution

Released at: 14:31, 28/04/2017

VIB sets sights on credit institution

Illustrative image (Source: vib.com.vn)

Bank's AGM asked to confirm Board's proposals on purchase and sale activities.

by Hai Van

The Board of Management at Vietnam International Bank (VIB) submitted a series of measures, including merger and acquisition (M&A) deals, to shareholders at its annual general meeting (AGM) on April 27.

The Board submitted a plan for purchasing the business activities of a credit institution in Vietnam, including its assets and liabilities.

It proposed shareholders authorize the Board to determine the list of assets and liabilities purchased, negotiate and determine prices, submit VIB’s assignment of assets and liabilities of the business to competent State authorities for approval, determine the content of the contract, and decide upon the timing of the purchase.

It also proposed that shareholders authorize it to set up, divest, and close the operations of subsidiaries, with a value of up to 30 per cent of the bank’s equity but not exceeding 50 per cent of charter capital in all cases, and to invest capital and buy shares in other credit institutions up to 30 per cent of its equity but no more than 50 per cent of charter capital, and buy other credit institutions’ debt under market mechanisms, with such purchases to not exceed VND6 trillion ($264 million).

Earlier, VIB was one of five banks planning to buy ANZ’s retail banking business in Vietnam. ANZ, however, announced it had reached agreement on the sale to Shinhan Vietnam, to be completed by the end of the year.

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